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3 ways artificial intelligence is changing homebuying

Correspondent Lending

Learn how new technology is paving the way to help lenders grow business and provide a streamlined experience for customers.

Electronic mortgage applications. Communications via social media. Digital technology is elevating the convenience and quality of service you offer to homebuyer clients.

One of the newest tech trends in the industry is the use of artificial intelligence (AI)—simulated intelligence that mimics (though doesn’t replace) human intelligence.

Software already helps you review loan documents much faster than ever. AI takes it to the next level by scanning documents quickly and only flagging things that seem out of the ordinary. This can expedite the underwriting process and reduce underwriting costs.

AI is best used for transactional processes that don’t require a human touch. This frees up more time for your employees to focus on higher-level tasks, such as exception processing and providing personalized guidance.

Here are three other benefits AI can provide:

1. Tailored communication

Need to walk clients through mortgage options? Or help them locate your nearest branch?

Chatbots—when a box pops up on your screen and asks if you need assistance—can have content tailored specifically to each individual client, thanks to AI. And if a client prefers talking directly to a person, AI can help your employees better tailor their responses to that client.1

2. Customized recommendations

AI can simplify the mortgage selection process for your clients by determining which product or products are the best fit for them. So clients can quickly pick from a list that is customized to their needs, rather than scrolling through a longer, more complicated menu.

And like the chatbot function, this customized information can be communicated directly to your clients, or it can be communicated to your employees, who can then use it to better serve your clients face-to-face.

3. Expanded access

In certain situations, AI can even help your employees extend credit to clients who might previously have been denied—like those who don’t have a long credit history. That’s because AI can access new forms of information that isn’t available through traditional means. Like utility payment records. Or rent payment records.

AI certainly has benefits for the mortgage industry, but there’s still no replacement for personalized guidance from an expert. AI is most effective when used in conjunction with your knowledgeable, personable employees.

Ready to learn more?

Find out how Truist’s Correspondent Lending team can help you connect with your clients.