According to fintech industry experts, there are a few ways in which the future of mortgage compliance can go in the next couple of years. Among all of these, artificial intelligence and automation reign as dominant ideas in mortgage compliance services. The former involves closely looking at data for the purpose of marketing or trying to spot early signs of someone taking out a loan. On the other hand, automation could be used to make the process of mortgage payment and taking out funds more streamlined, time efficient, or less of an artwork for different people. In what areas could these changes be implemented? Primarily, when it comes to mortgages, there are a few key areas where these are applicable. They are: Compliance review This involves utilizing data reading and analysis abilities to make sure all the boxes are checked when it comes to legal compliance, licenses, and terms and conditions. Fraud detection In theory, the use of artificial intelligence in the area should be able to smoke out when there’s a potential scam or fraudulent loan or phishing scam through the process of discrimination. However, the process of elimination makes it quite iffy. As the tech develops over the next few years, we might see some useful changes here. Underwriting data verification and processing Another area where fintech developers wish to see the use of automation is in the process of customer verifications and processing of mortgages, loans, and related transactions. However, the accuracy and the safety of this are still quite suspect. What do consumer responses look like? For consumers, the use of AI and automation in mortgaging lies mostly in the use of virtual chatbots and online assistants. Their expectations are mostly in the realm of having someone answer their questions and provide over-the-clock support. The idea of compliance services, however, is not something that Theta actively thinks about. In fact, a lot of them prefer more human verification processes now since trust in automation is quite limited to certain populations. So what does that tell us? What we see is a pretty large divide between what fintech experts think of the potential of artificial intelligence versus what the consumers actually feel. Wrapping up As mentioned earlier, while there is a lot of potential and range for exploring the future technology of mortgaging, the implementation of AI is still quite suspect. In fact, out of an estimation of 65% of mortgaging lenders, only 7% have actually used it. However, with the rate of expansion of AI, it is something that most industry experts are sure will find a way to do sooner or later. {Categories} _Category: Takes{/Categories} {URL}https://www.lawyer-monthly.com/2024/12/the-future-of-mortgage-compliance-services-in-a-digital-age/{/URL} {Author}Oliver Sullivan{/Author} {Image}{/Image} {Keywords}Real Estate,Automation,Compliance,mortgage,mortgage compliance services,Processes{/Keywords} {Source}POV{/Source} {Thumb}{/Thumb}