Arthur Miguez (pictured top third), sales manager at Lending Spot, said it’s staggering how fast the technology has evolved. He said the technology will help expedite processing and underwriting, which will help with the industry’s most difficult files.
“I think you’re going to see a lot of improvement in manual underwrites from jumbo loans, non-QM loans,” Miguez said. “Being able to analyze those loans and underwrite those loans that are much more difficult, there’s going to be a huge speed increase. ChatGPT has only been around for 36 months, and it has 800 million users. What do you think it can do in the next 36 months?”
Evolving technology
The AI revolution didn’t exactly start smoothly, especially in the mortgage world. Pablo Martinez (pictured top right), CEO of Equity Smart Home Loans, said the technology wasn’t always user-friendly at the beginning.
“I think in the beginning, AI was a little frustrating, because it just felt like this thing you asked questions, and it really didn’t know,” Martinez said. “There was this whole language, like, ‘It’s going to do amazing things. It’s going to change the world.’ There was that fervor. It came, and it was kind of a little bit of a dud, at least for me.”
Martinez said that, as technology has advanced, he is now seeing the pieces come together into something that can actually help mortgage professionals do their jobs more efficiently.