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Detect the Defects | Cognitive-based robots can perform increasingly complicated tasks in vetting loans

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by Steve Butler
Founder and President, AI Foundry

Although the mortgage industry has traditionally been slow to embrace new technology, artificial intelligence (AI) can benefit both lenders and borrowers. There is a great opportunity to improve efficiency, reduce costs and create a better overall lending experience using new advancements in AI technology.

It may seem like a big leap to start using AI in your lending process, but the time to do this has never been better. Originators should know how this technology is changing the industry.

AI — which is computer programming capable of learning (and also sometimes referred to as robots) — is evolving from doing simple, repetitive tasks to being able to perform complex tasks tailored for a specific industry. A prime example of this is the mortgage industry: Cognitive-based AI has a level of industry expertise to enable mortgage processing.

This new generation of AI can make basic decisions and take actions based on best practices. In 2020, the mortgage business will see increasing adoption of this cognitive- based AI. It will be an exciting time of technological advancement in the industry.

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