The fintech’s algorithms are programmed like "Tesla’s self-driving cars," according to the company’s CEO.

Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.

Artificial intelligence (AI) is increasingly gaining ground in a number of areas of banking and financial services. However, there is growing evidence that AI systems are biased.

By tracking remote workers with customizable benchmarks, Grind Analytics’ new software tool increased efficiency for one of its first users, OneTrust Home Loans.

The software will aim to take advantage of the anticipated volume growth in this particular type of origination.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.

If you are underbanked you probably have limited access to mainstream financial services normally offered by retail banks. Many fintech startups offer alternative ways to measure credit risk, and assert that their products can help extend financial services to consumers who have not been well-served by traditional banks.

While it's no silver bullet, automation with careful monitoring and testing can help lenders eliminate racial bias toward potential borrowers, the developers say.

The move follows a report last year that the government-sponsored enterprise was looking into working with the provider of artificial intelligence-driven credit-risk models.

Former MBA chair and owner, president, and CEO of Union Home Mortgage, Bill Cosgrove, provides a peek into his pandemic playbook and offers advice to smaller lenders on how to stay competitive amid a rash of companies going public.

After nearly a year in the works, Roostify takes a "strategic bet" on a partnership with Google, aiming to unlock a fully automated loan process.

The Libor transition is creating huge headaches for the industry; harnessing AI technologies may be the key to tackling it.

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.

The industry has long talked about embracing digital technology — but the time for talk may be over.

The automated closing disclosures software aims to be "40% faster than the 'old fashioned' method," a company spokesman said.

Although it moved from the glitz of Las Vegas to a fully virtual event, the 2020 Digital Mortgage Conference delivered insights and acumen from the industry.

Lenders and vendors are starting to realize that there are both areas in which artificial intelligence can be used more broadly, and areas in which technology’s role should be limited.

A deep understanding of the history of racial discrimination in both lending and technology is a prerequisite to the development of new technologies, panelists said.

Any roadmaps for client service that existed before the pandemic have changed, according speakers at DigMo2020.

The final version of the amended rule, like the original proposal, makes fair lending claims tougher to prove; but it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.