Only people with skin in the game should be behind AI mortgage tools 

I spent more than 20 years originating mortgages, and at one point ranked among the top 10 producers in the country. I know the ins and outs of loans and lending, which is why I’m always suspicious when lenders talk about AI. When they do, I listen out for one thing, and one thing only. Has the person building the new AI tool ever dealt with three closings, a lock about to expire and a borrower who has gone AWOL in one afternoon? Chances are, they haven’t. And this is what concerns me the most. AI is coming to mortgage lending whether originators like it or not. Yet, the real question is who shapes it. My view is simple: the people who know this business inside out should have the biggest say in how these tools work, because a tool that doesn’t understand how loans actually get done will create as many problems as it solves. Where the business really leaks Ask any producing loan officer at what stage they lose the most deals, and you’ll get a similar answer. It’s rarely the hot file. The hot file gets everyone’s attention. It’s the lead who got one call and then nothing. It’s the past client who said, “Call me in six months,” and then they never heard back. It’s the pre-approved bu...