IBM

As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.

IBM called for rules aimed at eliminating bias in artificial intelligence to address concerns which range from identifying faces in security-camera footage to making determinations about mortgage rates.

Banks need to mitigate potential bias in algorithmic predictive models using artificial intelligence, as regulators are weighing how to oversee the emerging technology.

Mr. Cooper Group is buying servicing rights on $24 billion in mortgages, a subservicing contract for an additional $24 billion in home loans and the Seterus platform from IBM.

By replicating human tasks, robotic process automation technology is driving scale and efficiency in loan manufacturing.