While policymakers have warned lenders they will be on the lookout for potential fair lending violations, the lack of current rules means many companies are trying to determine best practices on their own.

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.

During a Tuesday hearing, lawmakers talked through how to properly regulate the wide-ranging uses of AI. Some voiced support for forming a new AI agency.

New products that have come to market since the start of 2023 include one that aims to ensure TRID compliance and another that handles image processing for appraisals.

Both tools are currently in use by eligible customers with waitlists open to others who are interested.

Researchers at the Federal Reserve Bank of Philadelphia have come up with a plan for letting banks innovate with artificial intelligence and widening access to credit at the same time.

The AI chatbot will be able to quickly and eloquently respond to inquiries.

The government set forth five principles companies should follow when they use artificial intelligence. Chintan Mehta, CIO of strategy, digital and innovation at Wells Fargo, shares how one of the largest banks does it.

Lenders have yet to publicly address the trendy software that's made headlines for its capabilities to write creative prompts, solve complex problems and generate and repair computer codes.

It's only been two months since the Biden administration posted its blueprint for an AI Bill of Rights, but government agencies are starting to apply it in areas of financial services where discrimination is a concern, according to speakers at a Brookings Institution event.

IT departments are largely focused on finding solutions that will beef up volume while shrinking expenses, those in the field say.