BlackFin Provides AI Guidance To Mortgage Bankers
BlackFin Group, a management consulting firm serving the banking and mortgage industries, has released a comprehensive whitepaper on AI entitled ‘Artificial Intelligence (AI) in Mortgage Banking.’ The white paper authored by a working group comprised of senior executives from across the mortgage industry helps provide a definition for AI in the lending context. The white paper outlines AI’s potential uses in the Mortgage Industry, potential benefits, possible risks, and proposed guardrails, to inform lenders on the prospective application of AI for lending.
Andrew Weiss, Partner of Technology Consulting Practice at BlackFin and who chaired the working group highlighted, “Artificial Intelligence (AI) is certainly a hot topic across the world and in the Mortgage Industry. While the base technology has been in existence for decades, recent advances in software and the power of computing hardware have allowed AI to burst into prominence. But what is AI really, are there real benefits to using this technology for the Mortgage Industry, what are the risks, and how should we manage through the complexity. Our team has set out to provide an effective framework for the industry.”
Jay, Co-Founder of PrudentAI, and subject matter expert in who was part of the working group, said, “AI has come a long way in recent years but when considering the sophistication of the mortgage industry, it was apparent the industry needed a baseline to build from and this white paper helps provide that for an industry craving direction in this regard. I believe our white paper will help provide significant clarity to the lending industry for using AI moving forward.”
The white paper is a culmination of input from a wide range of veteran mortgage banking experts in both technology and at lenders who equally wanted a practical business framework for considering and using AI to its fullest potential in a very challenging industry where there will be no easy answers for AI as other working groups grapple with the regulatory rules of engagement for AI in the years to come. You can get your copy of the white paper by visiting blackfin-group.com
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