Mortgage brokers embrace AI but seek better tools, training

Mortgage brokers are active users of ChatGPT and ready to add artificial intelligence tools to their workflows, but a majority still have questions surrounding which software best serves their needs.

More than half, or 55%, are already implementing AI on a regular basis, with approximately 35% already considering themselves daily users, according to a new technology survey of over 250 brokers from AD Mortgage. 

On the other end, just 13% have yet to add any type of AI to their technology stack, the report said.  

"AI is already part of everyday workflows. The next step is to make the most of its potential to improve efficiency and decision-making," AD Mortgage CEO Max Slyusarchuk said in a press release.

Looking toward the future, 72% predicted new technologies will have a high impact on the lending industry, with 54% planning to turn them into a key piece of their business strategy.

What AI tools are brokers using?

Among the platforms already in adoption, general-purpose AI tools came in at the top of the tools utilized. Four-fifths, or 79.5%, of brokers said they were users of generative AI platforms, including ChatGPT, Claude and Gemini. 

Implementation of mortgage-specific software lagged by a large margin, however. Thirty-four percent reported working with artificial intelligence chatbots or similar tools to help them navigate mortgage guidelines and policy developments, while 26% applied AI-backed underwriting or income verification products. 

Another 20.5% said they used AI for their marketing and lead generation needs, while 14.5% employed pricing calculators. 

What makes brokers wary?

While 83% indicated they were willing and ready to take advantage of new technologies, a notable share showed a degree of hesitation due to shortcomings in existing training. On a scale of one to 10, satisfaction with current training levels came in at an average score of 6.49, and a 57% majority said they were short on the education they felt they needed to fully benefit from AI.

Aside from sufficient education, impediments to AI growth in the broker segment include concerns over security and compliance, noted by 40%. Cost was cited by 29.5%, while challenges of integration were on the minds of 26.5%.

Another 19% still do not see AI bringing in a return on investment, while 18.5% said they simply don't trust technology.

When the time comes to choosing the right software for their needs, 82% of the broker community prioritize ease of integration with existing systems. One-third expect to rely on their vendors to provide some of the support and education they will need.  

Still, while the mortgage industry may not be all-in on AI yet, brokers rate their peers highly in regards to how receptive they are to new technology and increasing adoption. They ranked the current level of lending tech expertise at 7.22. Their opinions of industry nimbleness and ability to adapt brought in an even higher score of 7.96.

Most foresee a future where the technology will become significantly more important to the mortgage industry in the next three years, with AD applying an 8.36 score average impact score. 

"With more than 80% of professionals comfortable with tech, it's clear the industry is ready for change. Now, the focus should be on making these tools work better for everyone,"  Slyusarchuk said.