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Will AI replace the loan officer?

Housing Wire

There have been countless press releases and news articles about how AI is changing the mortgage industry. The industry fears AI will ultimately replace everyone, from operations to loan officers. As a loan officer , I am not losing any sleep, and here is why you should not, either. The experience was terrible.

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Uplist partners with Polly, offering insights to loan officers

Housing Wire

Leading mortgage technology provider Uplist recently announced a new integration with fellow tech firm Polly. This move grants loan officers access to real-time insights that are designed to improve borrower assistance and engagement. The integration comes at a time of rising refinancing activity.

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Younger homebuyers have concerns over AI’s role in the mortgage process

Housing Wire

Even as artificial intelligence (AI) becomes more prominent in the mortgage industry, most millennial and Generation Z homebuyers are hesitant to rely solely on a fully automated application process to get a loan, according to a new study. About 58% of respondents still relied on loan officers to guide them through the process.

Mortgages 451
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FinLocker says it will cover 100% of mortgage verification costs

Housing Wire

Self-branded “financial fitness” platform FinLocker announced Wednesday that it will cover 100% of the verification costs for mortgage borrowers who use lenders’ FinLocker-powered apps. This is about fundamentally transforming how the mortgage ecosystem works together.”

Mortgages 362
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Better Mortgage partners with NEO Home Loans to transform “local” mortgage lending

Housing Wire

Today’s mortgage lending environment is shifting rapidly. Purchase loans are now outpacing refinances, and interest rates are reaching the stratosphere. However, one mortgage company is in a prime position to transform the market and deliver value to mortgage professionals. The goal is simple yet profound.

Lending 368
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Rocket-Redfin deal sparks uncertainty over Bay Equity’s future

Housing Wire

Bay has encouraged us to start looking [for a job] as Rocket is really only offering loan officer positions at this time, an employee told HousingWire under the condition of anonymity for fear of affecting job prospects. billion in loans in 2021nearly 10 times Redfins in-house mortgage volume. They will be a great fit.

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Better’s AI bots might take over mortgages — but its losses are still piling up

Housing Wire

Founder and CEO Vishal Garg made a eye-popping statement when he opined that “in the next 10 years, 99% of the (mortgage) tasks will be completed by bots and 1% by humans.” “The bulk of the tasks that are required to process a mortgage are going to be performed by AI bots over the next 10 years,” Garg said in an interview with HousingWire.

Mortgages 370