A mortgage tool is only as good as the human in ultimate control, says Axiom Innovations VP
The rapid pace of development of new mortgage technologies has provided industry professionals with invaluable additions to their workflows – which is why it’s also important to recognize that these tools come with their limitations, according to Andrew Schultz, vice president of sales at Axiom Innovations.
"Technology is not a silver bullet for anybody,” Schultz told Canadian Mortgage Professional. “The technology that works is the technology that you use. You can't subscribe, sign in, and expect it to do everything.”
Schultz stressed that a mortgage tool is only as good as the human in ultimate control.
“It needs to be part of your daily routine, but it doesn’t need to take over your life,” he said. “Technology should be working for you; you should not be working for the technology.”
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— Canadian Mortgage Professional Magazine (@CMPmagazine) September 19, 2023
To maximize the use of these ever-advancing tools, mortgage professionals also need to keep pace with how these innovations operate.
“I think that, just like in almost every industry, we’re going to see AI and machine learning play a huge role in the broker industry,” Schultz said. “We see that already with tools like Scarlett Genius, our deal-placement AI product that helps recommend and place agents’ deals towards specific lender products.”
Scarlett Genius garnered the Best Product or Innovation Award at the 2023 edition of the Canadian Mortgage Awards of Excellence.
For the foreseeable future, the AI-powered platform “is going to consolidate a whole bunch of lender product information, guidelines, and contacts,” Schultz said.
“It will leverage AI and machine learning to be able to provide really high-quality recommendations on what products, what lenders, and which specific products within that lender portfolio best suit the client based on their applicant profile.”
Watch now: What does the future hold for Canadian mortgage tech?
