Can AI Get a Mortgage? Answers from Tracy Shaw at Prestige Capital
AI is catching on rapidly and infiltrating our daily lives, but can it get you a mortgage? The answer is simply, “No!”
While many banks, wholesale lenders – and even government entities such as Fannie Mae and Freddie Mac – have incorporated Artificial Intelligence (AI) and Machine Learning (ML) across their business operations, it still takes real human beings to underwrite a loan and get it through to closing.
It’s true, AI has the potential to improve existing processes by handling repetitive tasks and accelerating document processing. This can lower costs and speed up funding times, but it just doesn’t have the hands-on capability of a mortgage team.
Getting a mortgage is a very personal and unique situation for every borrower. AI does not have the ability to correctly work through things like complex tax returns, or self-employment income. Nor can it negotiate on your behalf, know when to lock in your rate, or guide you through the loan process, as only a qualified mortgage professional can.
Beyond that, if AI makes a mistake – and you don’t question it – it’s not going to tell you it gave you bad information!
We take pride in providing personalized service to each and every one of our clients. So, when you need advice about obtaining a mortgage, just give us a call or send an email. We’re always ready to help you reach your goals!
Tracy Shaw
President NMLS # 913749 | CalBRE # 01894272
Direct Line: 626.758.0588
Prestige Capital Inc.
41 E Live Oak Ave, Arcadia 91006
Helping clients achieve home ownership with expert lending solutions and personalized guidance.
