Lenders are increasingly using AI tools, such as virtual assistants and chatbots, as well as document recognition to make data extraction verification quicker and easier.
Some brokers I speak to are also using AI transcription tools when it comes to customer calls, to reduce administrative time.
More firms are launching AI-empowered platforms and tools to the space that promise to take the burden out of parts of the mortgage process.
This trend is only going to gather momentum, with a survey from the Financial Conduct Authority (FCA) and Bank of England last year showing that three-quarters of firms in the financial services sector are already using AI and a further 10% are planning to do so in the next three years.
Nottingham Building Society also conducted a survey that found that over half of brokers were open to AI playing a role in the mortgage sector.
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However, some have expressed concerns that the unchecked and prevalent use of AI without guard rails could be a compliance risk and threaten certain roles in the industry.
With all this in mind, Mortgage Solutions wants to get a better idea of how brokers are using, or not using, AI tools in their day-to-day work.
To cast your vote, follow this link: https://www.mortgagesolutions.co.uk/latest-poll/
