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58% of Lenders Will Use AI in Next Two Years

Lendingtimes2

Fannie Mae recently put out a survey on AI and mortgages, showing:

  • Nearly two-thirds of lenders are familiar with AI
  • But, only 27% are using it in their businesses now, and…
  • Only half of that group are currently using it with customers (the rest are doing trials)
  • However, looking ahead two years – 58% of lenders expect to use AI/ML in their mortgage business.

Of the rest:

  • 22% predict they’ll be investigating AI
    • 19% foresee being in a “wait and see” mode

    These data points show us that “prime time” is coming soon for AI/ML in mortgages. AI Foundry, who recently unveiled a platform for mortgage lenders that uses AI and ML to speed mortgages from the (industry average) 3 weeks down to 1-2 days, can talk about the requests and needs of their customers, and how they use AI now.

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