Risk and Benefits of Using AI in Mortgage Marketing(Source: National Mortgage News)

Generative AI presents both potential and risk for the mortgage industry, increasingly integrated into workflows, especially in marketing. It saves time by summarizing information and aiding brainstorming, yet human oversight is crucial for accuracy.

A useful but still-developing technology opportunity

Mortgage companies, more than other types of companies, appear open to exploring how artificial intelligence might help their marketing efforts. AI is used in underwriting for data tasks, but non-compliance concerns make lenders wary of applying it in customer-facing roles.

A 2024 survey showed 64% openness to using AI for marketing tasks if regulations were less stringent. AI enhances efficiency and content creation but needs human oversight for accuracy and compliance, often requiring adjustments to meet industry standards.

Current use scenarios and risks

Generative AI in the mortgage industry is growing, with tools like ChatGPT used for emails, social media posts, and marketing scripts. Customization enhances ease of use, but human oversight is essential for accuracy and compliance. AI can quickly build marketing campaigns, but public platforms pose risks like noncompliance and cybersecurity issues. Companies often prefer enterprise versions to protect proprietary information.

Future potential and customer trust

AI is advancing from written content into visual media, altering photographs and creating original imagery and videos from a single recording. This automation offers opportunities but raises concerns about fraud and its impact on brand trust. Businesses seek to use AI for informative updates but must tread carefully to maintain client relationships.

With more than 18 years of experience in offering mortgage technology solutions, Techniecode can streamline operations, enhance data security, and provide comprehensive support for optimized efficiency in mortgage operations.