Technology

If customers perceive they are dealing with a scripted chatbot, they are likely to be less satisfied with their mortgage servicer, J.D. Power said.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

While recent homeowners overwhelmingly support digital innovation that leads to faster, streamlined transactions, AI is "still not a trusted system for many borrowers," Cloudvirga said.

Looking ahead, the fintech views cross-selling products to customers as a strategy to expand its business and increase market share in the industry.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

Mortgage borrowers will begin speaking with the enhanced chatbots early next year.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.

The strategic investment in the shared appreciation platform comes after capital raises at similar businesses last month.

Better's voice assistant can help customers get answers to mortgage application inquiries, call them back if they abandon an application and ask them about the weather.