Artificial Intelligence Improves Profitability, Efficiency, and Customer Experience

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Posted To: MND NewsWire

Mortgage lenders have been increasingly reporting tighter margins as costs rise for each actual loan transaction. In the last few years the principal reason behind this as revealed in Fannie Mae’s quarterly Mortgage Lender Sentiment Survey has been increased competition for customers. As the demand for ref inancing has fallen, purchase originations have not yet been able to pick up the slack, exacerbating the situation. The survey has found lenders are working to improve efficiency to cut the cost part of the profit equation. Outside of the mortgage industry, businesses are increasingly turning to digital technologies to reduce errors, cut costs, improve customer service, and speed up transactions. Among those businesses that deal with large amount of data, Artificial Intelligence, including…(read more)

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