The rapid rise of artificial intelligence (AI) is reshaping the mortgage sector, with lenders increasingly adopting AI tools like chatbots and document recognition to streamline data verification. Many brokers are leveraging AI transcription technology to minimize administrative burdens during customer calls. A recent survey by the Financial Conduct Authority (FCA) and Bank of England revealed that 75% of financial firms are already using AI, with an additional 10% planning to adopt it within the next three years. Furthermore, Nottingham Building Society found that over half of brokers are receptive to AI’s role in mortgages. However, concerns about compliance risks and job displacement due to unregulated AI use persist. Mortgage Solutions is exploring how brokers currently utilize AI tools and invites industry input through a poll. Embracing AI in the mortgage process promises efficiency, but it’s essential to mitigate associated risks for sustainable growth.
[Link to poll: Mortgagesolutions.co.uk/latest-poll]
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