The pace of AI is challenging mortgage and real estate execs - HousingWire
The article discusses the rapid pace of change in the mortgage and real estate sectors due to advancements in artificial intelligence (AI). It highlights insights from over 50 interviews with technology executives conducted for the HousingStack newsletter. The article emphasizes how AI is transforming various aspects of the industry, including staffing, compliance, cybersecurity, and profitability. Executives express both excitement and concern over the speed of technological advancements, noting the potential for first-mover advantages and the need to balance innovation with consumer and regulatory considerations.
Manish Garg, Senior Vice President of Technology at EarnUp, discusses how AI has enhanced security by identifying threat patterns that were previously unrecognizable. He explains that AI can predict new security risks without prior assumptions, offering a proactive approach to cybersecurity.
Henry Li, Chief Technology Officer at Lofty, shares that AI's rapid evolution has required frequent adjustments to their technology roadmap. He notes that building AI features differs from traditional software development, as it involves tuning AI capabilities rather than writing code.
Jason Bressler, CTO at United Wholesale Mortgage, talks about using AI for loan decisions. He emphasizes the importance of creating a verifiable paper trail to justify AI-driven decisions, ensuring transparency and accountability in the decision-making process.
Joe Tyrrell, CEO of Optimal Blue, outlines a targeted approach to generative AI, focusing on specific use cases that build on existing capabilities to deliver increased value to customers.
Sridhar Sharma, Executive Vice President and Chief Information Officer at Mr. Cooper, highlights the company's ability to scale and grow by leveraging AI to maintain productivity levels despite a steady team size.
The article concludes by referencing related developments in the industry, such as Zillow's virtual staging tools, Matterport's AI-driven property photo enhancements, and Rocket's hiring of a new CTO to lead product engineering efforts. It also mentions other popular and latest articles, featured events, and white papers related to the mortgage and real estate sectors.
