A chance for current employees to move up
One thing Ishbia wants to see from this technology is for current employees to be able to utilize AI, allowing them to spend more time on higher-paying work.
“Here’s an example: For loan officers, there’s $15 an hour work, $100 an hour work, and $500 an hour work,” he said. “The $15 an hour work is answering phones and scheduling meetings. But now Mia can do that. Then, there is $100 an hour work discussing LTVs (loan to value), and understanding whether it’s VA, FHA, conventional, and what down payment you need. Now, Mia can do some of that too.”
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— Mortgage Professional America Magazine (@MPAMagazineUS) April 8, 2025
It’s the work that Mia can’t do currently that Ishbia wants LOs spending their time doing, and he believes taking some of the other tasks off their plate allows them to do that.
“Then there is $500 an hour work, and that’s where you really make your money,” he said. “This is selling the rate, explaining the benefits, making them feel comfortable, and building a rapport. I want the LO to spend all 40 hours of the week doing $500 an hour work, rather than the $15 or $100 an hour work.”
There are certain areas where the AI loan assistant is limited by current technology, and some areas where it is limited by law. For example, it cannot talk rates because it is not a licensed loan originator. But Ishbia sees value in allowing it to do things it can do, leaving the other tasks to brokers.