After beginning 2023 as a development to watch, artificial intelligence exploded in popularity to become the headline news of the summer, with its impact on every aspect of society seemingly dissected.
The mortgage industry took notice, particularly when it came to ChatGPT-like generative AI, which is more likely to employ language-learning models and human-like interaction. At the same time, concerns over its role in banking and lending grew and caught the eye of numerous regulators. While few questions have been answered surrounding future policies governing AI within lending, many companies in mortgage and housing industries are wasting no time to test its capabilities, proceeding cautiously in order to be among the first to influence tools that could transform how businesses operate.
Whenever adopting AI, though, any enterprise in consumer financial services should expect increased scrutiny, after the Biden administration issued an executive order in October aimed at curbing misuse.
Here is a rundown of how mortgage lenders and the counterparties that serve them tried to carve out their own niches within generative AI in 2023 in the past 12 months.
