Artificial intelligence and machine learning are poised to shake up the mortgage industry
The ever-improving reliability and accessibility of artificial intelligence-powered platforms should push more mortgage brokers to incorporate these systems into their workflows, according to Andrew Schultz, vice president of sales at Axiom Innovations.
“Just like in almost every other industry, we are going to see AI, machine learning, play a huge role in the broker industry, as well as on the lender side,” Schultz told Canadian Mortgage Professional.
“Don’t get overwhelmed by it; take it piece by piece.”
However, Schultz stressed that ultimately, these tools are only as good as the skills and the discretion of their users.
“Technology is not a silver bullet for anybody,” he said. “The technology that works is the technology that you use; you can’t subscribe, sign in, and expect it to do everything. It needs to be part of your daily routine, but it doesn’t need to take over your life.”
“Technology should be working for you; you should not be working for the technology.”
Gear up for the new year! Axiom Innovations shared key strategies on how to scale your business in 2024.
— Canadian Mortgage Professional Magazine (@CMPmagazine) December 26, 2023
Learn more: https://t.co/fi3HYLVXSz#MortgageIndustry #MortgageBroker #MortgageTechnology #BusinessGrowth
Schultz said that Axiom is among those leading the way in the mortgage technology front.
“You see that already with tools like Scarlett Genius, our deal placement AI product that helps to recommend and place agents’ deals towards specific lenders’ products,” he said.
“Scarlett Genius is our newest product, our newest initiative, that is going to consolidate a whole bunch of lender product information, guidelines, contacts – and [it will] leverage AI and machine learning to be able to provide high-quality recommendations on what products, what lenders, and which specific products within that lender portfolio best suit a client based on their applicant profile.”
Watch now: What does the future hold for Canadian mortgage tech?
