Five ways mortgage originators can leverage AI: Lessons from Austin Lampson

Expert shares insights on how AI is reshaping the mortgage landscape

Five ways mortgage originators can leverage AI: Lessons from Austin Lampson

The mortgage industry stands on the cusp of a technological revolution with artificial intelligence (AI), and originators who fail to embrace AI may be left behind.

One of the tech-savvy mortgage professionals at the forefront of this shift is Austin Lampson (pictured), a branch manager at Homeowners Financial Group USA. Lampson shared five ways mortgage originators can leverage AI to improve their business.

  1. Making sense of all the data

Lampson is not just observing the change, she’s actively using AI to revolutionize mundane tasks by sifting through extensive guidelines and data.

“I think the greatest use for AI is to peruse guidelines and data and condense it down for us quickly,” Lampson said. “I look at my to-do list, and I need to double-check these new guidelines. That should be AI, right?”

  1. Guiding clients like a pro

She also sees AI as an opportunity for mortgage originators to step up and provide valuable guidance to their clients. With a simplified process, potential borrowers can easily grasp their options, making the mortgage journey smoother.

“Maybe 40% to 60% of America should swipe right and get a loan,” Lampson said. “It’s simple, that’s easy. They understand it.”

  1. Efficiency meets human touch

While AI can significantly boost efficiency, Lampson made it clear that AI should complement human involvement rather than replace it entirely. Mortgage professionals should be able to rely on AI to handle repetitive tasks and verifications, enabling them to focus on the more nuanced aspects of client interactions.

“AI should be following up for verifications,” Lampson said. “We still need to hire the human. AI should serve a supportive role – like an assistant on steroids. It needs to be a supplement.”

Austin stresses the importance of human expertise and empathy when it comes to complex and emotionally significant decisions, such as buying a home. A mortgage professional’s ability to understand and address a client’s goals and concerns sets them apart in the age of AI.

“I think that’s where a true mortgage professional will continue to thrive... Let’s have that deeper conversation about your goals and why you think waiting for a lower interest rate is better than paying a higher sales price.”

With AI reshaping the mortgage landscape, Austin predicts that only a select percentage of client-centric mortgage professionals will stand tall.

“I think that only 40% to 50% of us in these chairs today will survive and have that intention right,” she said.

  1. Using AI-powered tools for market insights

Austin points to tools like Homebot, an AI-driven platform that offers a wealth of data research. “Homebot is AI-generated, and they have a lot of data research that they do. People can see how their neighborhood is moving,” she explained. Such tools provide trigger leads based on timing, offering a dynamic view of the market. “I think that’s a wonderful use of AI.”

  1. Empowering clients through education

“Education is key. It always has been key,” Lampson said.

Drawing from her personal experiences, she reflected on her upbringing in a not-so-great neighborhood in New Orleans. “But I had a lot of love and a lot of public education and had different access to knowledge. That’s how I have progressed myself, and that’s what I believe can turn the tide for anyone. Knowledge truly is power,” she said.

Lampson is deeply committed to disseminating knowledge that empowers clients to make informed decisions. “I’m really working on putting out content that answers questions our clients have,” she shared.

She elaborated on the complexities clients face, using the example of property changes in California. “What is the difference if you change your property in the state of California from a Prop 19 standpoint, from parent to child exclusion? Do people even understand half of what I just said? Probably not, but they’re making decisions [about it] that impact other pieces of their life, of which they’re unaware.”

AI’s role in the mortgage sector, she suggests, should have one common theme.

“For me, it’s all about education,” she said.

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