How is mortgage tech evolving in 2023?

Executive on unexplored possibilities in the tech space

How is mortgage tech evolving in 2023?

Mortgage technology continues to be ripe with unexplored possibilities for brokers and consumers alike, according to Richard Paterson, vice president of innovation at Intellifi Corporation.

Paterson said Intellifi’s planned integration with multiple parties in 2023 will give the company’s platforms the versatility needed to rapidly respond to a diverse range of needs and specializations.

“There’s no one system out there with all the answers, and we need an application framework where we can plug in solutions that can offer something to the process,” Paterson said in a recent CMP Tech Power Panel. “So the flexibility and the ability to quickly refactor processes are key for anybody in the business.

Key to Intellifi’s advancements this year is the ever-growing influence and effectiveness of artificial intelligence.

“The recent improvements in AI show the need to be able to quickly adopt for systems and processes to be able to take advantage of some of these things that could now be automated, that perhaps were previously manual,” Paterson said.

The potential of AI to thoroughly disrupt the mortgage industry cannot be overstated, he said.

“If you think about the ability to help customers understand the product – the processes through chatbots and guided applications – I think it’s going to increase direct consumer engagement and success,” he said. “AI-guided application processes can make sure that we’re asking people the right questions, not asking them to repeat things, and not asking them things they think we should already know.”

For more of executives’ predictions on how tech advancements will shape the mortgage industry in the near future, click here.