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.

The Biden administration is setting the tone for new rules governing businesses' use of artificial intelligence, including in lending. Some call it a "toothless tiger," while others worry that it goes too far.

AI, ML, predictive analytics and complex algorithms can help lenders expand credit to more consumers, but some critics feel the technology can feed into existing discrimination and bias that applicants face.

The path to artificial intelligence implementation can be costly and arduous. Are financial leaders reaping the benefits?

Banks and fintechs wonder if regulators are getting more comfortable with machine learning-based ways of assessing credit, or if agency oversight will mean a crackdown. 

It’s tempting to add yet another screen or an external piece of software, but that’s not always the quickest path to success, writes a director at InRule Technology.

The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.

Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.