Lenders dabble with ChatGPT as FTC begins OpenAI investigation
National Mortgage News
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With the news of the Federal Trade Commission opening an investigation into OpenAI and its technology ChatGPT's potential harm to consumers just this week, it appears that the tool faces its first serious regulatory hurdle just as mortgage professionals are beginning to embrace it. Since the technology's debut last year, real estate players have rushed to boost their artificial intelligence bona fides . Redfin and Zillow have incorporated ChatGPT plugins to serve prospective homebuyers, while some lenders have touted their own AI chatbots. But ChatGPT specifically has already suffered from one security vulnerability exposing chat history titles of other users .?
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Both servicers and mortgage borrowers under duress from natural disasters or other unexpected events are seeing benefits from self-service tools , according to new research from Black Knight. The data and technology provider found approximately 342,000 borrowers accessed a self-service option from August 2020 to September 2022 during the COVID-19 pandemic. Of that number, 139,154 eventually entered forbearance through interactions with the tool. Forbearance extensions were also requested by 48,702, while almost one-third, or 111,543, committed themselves to a final loan-modification program using the self-service technology, or SST.
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Zippy, a chattel manufactured housing lender , has raised additional capital from one of its earliest investors, Brand Foundry. To date, Zippy has raised $26 million in total but it did not reveal how much was obtained in each round. This financing, which included other undisclosed repeat investors, is in addition to a Series A round funded by FirstBank in February; Crunchbase does not list an amount. An August 2022 venture round raised $15.5 million, Crunchbase said. Zippy currently operates in 17 states, with plans to operate in more than half the country by the end of 2023.
Mortgage banking results at JPMorgan Chase and Wells Fargo were slightly weaker than expected given the higher volume produced , an initial take from Keefe, Bruyette & Woods said. "While the results suggest that volumes increased on seasonality, gain-on-sale margins did not benefit," wrote analysts Bose George, Alexander Bond and Thomas McJoynt-Griffith. "These results suggest that mortgage banking likely remains under pressure." That volume problem is likely to extend to the upcoming second quarter results for the publicly traded indepeNo wndent mortgage bankers that KBW covers, it said.
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