Tracy Freese of Help With My Loan: Why AI Is a Game-Changer for the Mortgage Industry

Tracy Freese is Director of Operations with Strong Estate Marketing, Dike, Iowa. She focuses on customers, writing, editing, and general business development.

Tracy Freese

Artificial intelligence, or AI, is any technology that mimics human intelligence by “thinking.” This simulated intelligence includes many different types of machines and computer systems – including ones that recognize speech or images, solve problems, learn and improve themselves, adapt to the data they collect, and more.

Over the past few years, AI has become widely used across many industries, including finance. Artificial intelligence technologies are rapidly becoming better, able to take on tasks that are more complex. AI technologies also getting more specific to certain applications. Now, for example, you can leverage AI lending software to intelligently process mortgage documents. The availability of AI technologies for specific use cases makes it more useful and powerful from a business standpoint.

AI helps leverage data
AI is incredibly helpful when it comes to leveraging data. While capturing data from multiple sources used to be time-consuming, that is no longer the case. There’s no need to use old-fashioned, paper-based manual processes. With little to no input from humans, an AI program can capture and input data from many different sources, even if there are multiple languages involved. This helps with uniformity during processing and can significantly increase reliability and accuracy.

AI programs can intelligently identify and recognize patterns in data. This allows for smart validation – ensuring correct, complete, and consistent information across multiple documents. The speed of this technology allows lenders to significantly reduce time to offer as well as reduce processing times with automated underwriting.

AI helps streamline workflows
In many industries, AI has been invaluable for streamlining workflows and maximizing profits. With the help of AI, the mortgage industry is able to automate repetitive tasks, make accurate calculations, and increase revenues.

As mentioned above, AI can reduce or eliminate the need to process paperwork manually. Automated underwriting programs can handle complex, time-consuming processes, often with minimal input from underwriters. By delegating tasks to a lending software program, lenders can focus on serving more customers. Not only do lending companies save time, but customer satisfaction also increases with a shorter mortgage lending process.

AI leads to more transparency
Historically, there’s been a problem with transparency in the mortgage industry. At the beginning of the process, it’s difficult or even impossible for customers to figure out which products they qualify for. This makes it difficult to shop around and find a suitable deal.

With AI, it’s possible for customers to find the best mortgage product for their needs without spending a lot of time talking to different lenders. Using tools like Help With My Loan, consumers can compare options and find the best rates far more quickly than ever before.

(Views expressed in this article do not necessarily reflect policy of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes your submissions. Inquiries can be sent to Mike Sorohan, editor, at; or Michael Tucker, editorial manager, at