United Wholesale Mortgage, Celink, Cenlar and others are utilizing artificial intelligence to streamline call center operations.

Financial institutions have trouble pinning down a common definition of AI and figuring out which of their processes incorporate the technology. That can lead to trouble with regulators.

Four conceptual applications were chosen that address pain points in single and multifamily housing.

Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.

The tool will streamline the LOs search for company mortgage offerings, guidelines and product-related questions, Guild said.

Efficiencies drive greater mortgage interest in careful use of artificial intelligence for marketing and research compared to others in financial services.

The Consumer Federation of America and Consumer Reports sent a letter to the Consumer Financial Protection Bureau urging it to require banks to search for less discriminatory models. Later the same day, the CFPB issued a report saying it's doing just that.

The announcement comes as the bureau's director regularly voices doubts about whether algorithmic models can be entirely nondiscriminatory and warns companies of potential enforcement from violations.

The head of data and digital at Ally Bank came up with protective measures governing the use of generative AI and organized "AI Days" for employees to learn about Ally's progress.

Leadership across all financial services was more likely to see a significant skills gap in today's workforce compared to the mortgage industry, according to Arizent's research.