It appears AI is here to stay in the mortgage industry.
In 2024, 38% of lenders reported using artificial intelligence and machine learning, up from just 15% in 2023, according to a study released Tuesday by STRATMOR Group.
The mortgage consulting firm also found that 48% of lenders used robotic process automation, or “bots,” last year to streamline processes like ordering appraisals and credit scores. That’s up from 30% in 2020.
“Mortgage lenders are increasingly investing in automation and AI as foundational technologies to improve efficiency and productivity,” Nicole Yung, a senior partner at STRATMOR Group, said in a press release. “This represents a fundamental transformation in how mortgage operations are being conducted.”
Yung also observed that there is a “growing trend of lenders building internal capabilities to develop and maintain their own bots,” with 21% of lenders reporting that they are developing internal AI capabilities.
“Lenders are strategically prioritizing front-end digital capabilities that directly impact the application process,” Yung noted. “The industry is at a critical juncture where investments in technology foundations will determine which organizations thrive in the increasingly digital mortgage landscape.”
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