Technology

A new group called MoreThanFair aims to establish the lines between fair and unfair lending, to set best practices for the use of AI in lending and to lessen the stigma of fintech lenders.

The Federal Housing Finance Agency's new office will assess technology solutions for an industry viewed by many as too slow to embrace digital efficiencies.

The option can be efficient but companies have to figure out who will handle the additional property data collection, panelists at the Digital Mortgage Conference said.

The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

Waivers boomed during the pandemic's refi wave and the recent automation of desktop appraisals have provided additional flexibilities, but their applications are limited in the current market.

Consumer use rates may be low in part because they prefer to stick to one method of submitting information needed to apply for a mortgage.

Firms can take advantage of powerful tools from big technology companies but must be wary when sharing large amounts of data or ideas, experts said.

Rocket made waves in 2016 when it promoted its online streamlined application process during Super Bowl 50. This now takes the process to the other end.

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.

Lenders are using third-party sources, which provide insights ranging from consumers' credit profile to social media messaging, to supplement information they collect.