Companies that don't use the technology on average pay $1.76 million more and take 108 days longer to respond to incidents than firms that utilize it.

Cloud giants are making major investments in generative AI and large language models. Their financial services clients are mostly in test-and-learn mode.

Industry guidance remains slim, but originators said they're not exposing personally identifiable information in their use of the chatbot.

The interactive tool can answer consumer questions about the mortgage process, explain the difference between products and give an approximate quote.

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

While the possibilities for artificial intelligence's applications are vast, mortgage shops today are focused on having it identify borrowers who are in the market to purchase a property, according to a report from Stratmor.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

The CEO of the world's largest asset manager said AI could have "some very large outcomes for long-term investing" and could also transform margins across sectors.

The bank is training a large language model to help employees and customers find answers to questions, starting in the mortgage department.

Despite the "wow" factor, programs like ChatGPT are not, by themselves, the right tool for anything in the home loan space, argues the Director of Research at FormFree and Associate Director of the Institute for Artificial Intelligence at The University of Georgia.