## AI is Redefining the Mortgage Industry: An Interview with Ranna Walls
**Key Takeaways**
– **AI is rapidly changing the mortgage industry.** Mortgage brokers are already using AI tools to create avatars, automate sales calls, and generate marketing content.
– **AI avatars are becoming increasingly realistic and could revolutionize mortgage marketing.** These avatars allow brokers to personalize video messages for clients, even in multiple languages.
– **AI sales bots are poised to take on a larger role in mortgage lending.** These bots can qualify leads, answer basic questions, and even book appointments for loan officers.
– **ChatGPT remains a powerful tool for mortgage brokers.** It can be used for everything from generating marketing content ideas to analyzing complex data sets.
– **Ethical concerns and privacy issues are arising with the use of AI in lending.** There is a need for clearer regulations and compliance guidelines as the technology evolves.
## AI Avatars: The Future of Mortgage Marketing?
Ranna Walls, a mortgage broker from Charlotte, North Carolina, believes that AI avatars will have a significant impact on mortgage marketing in the years to come. “I think that AI avatars are going to have the biggest impact for mortgage loan officers, when it comes to marketing in particular, in the future,” she says.
Walls uses a platform called HeyGen to create AI avatars, which she says are “pretty cheap” at just $29 per month for the lowest tier.
“The biggest benefit with using an AI Avatar would be the fact that you can send a video from anywhere,” explains Walls. “You could for instance be on a vacation, or something like that, and you could create a video just by typing in a script and already previously having an AI Avatar created of yourself.”
Walls is particularly excited about the possibility of AI avatars speaking in multiple languages. “Say you have a client who speaks French, and they know that you don’t speak French, but you just want to add that fun little touch and send them a video when they’re closing, and just say, hey, congratulations on buying your new home and moving to the United States, or something like that. You could have that AI Avatar video come out in French, sounding exactly like your voice of you fluently speaking French.”
While the voice quality of AI avatars is relatively good, Walls points out that the visuals still need improvement. “The voice part is definitely a little bit further than the actual visual. It might just be me in particular, it’s better or worse for some people when they try the AI avatars, just depending on maybe your mannerisms and the way that you speak. But it’s definitely pretty good.”
With AI avatars becoming more realistic and affordable, mortgage brokers should consider incorporating them into their marketing strategies. As Walls points out, “I think it’s only going to get better and better.”
## AI Sales Bots: Automating the Sales Process
The integration of AI sales bots is another development that is poised to transform the mortgage industry. These bots can automate a significant portion of the sales process, freeing up loan officers to focus on more complex tasks.
“A lot more companies, especially the really large ones that currently do a lot of call center loans and outreach via like trigger leads, and things like that, I think they are going to start utilizing AI sales reps as soon as they possibly can,” says Walls.
“This would basically sell the client on the mortgage, if it was in the mortgage space, they would sell them on the mortgage, and then at this point in time they would book them on a call with an actual loan officer who is going to go over everything. So this is basically going to be like kind of replacing like a secretary.”
Walls notes the use of AI sales bots is still in its early stages and there are legal concerns surrounding their use. But she believes that, “Once we get into a refi boom in the next couple of years, I have a feeling that they’re going to be practicing this a lot more, especially with the really huge companies like Rocket Mortgage and things like that, and all the National Banks and things, I think they’re going to be practicing these types of calls. ”
## ChatGPT: The Power of AI for Mortgage Brokers
Walls highlights ChatGPT as a valuable tool that mortgage brokers can leverage to improve their operations. “ChatGPT is like the mother or father of AI, when it comes to the industry currently,” she says.
ChatGPT can be used for a wide range of tasks, including:
– **Content Creation:** Developing social media post ideas, writing emails, and crafting marketing materials
– **Data Analysis:** Analyzing complex data sets, such as non-QM underwriting guidelines, and creating spreadsheet-like comparisons of lenders.
– **Research and Answering Questions:** Assisting with researching mortgage guidelines, pulling data from websites, and understanding complex industry terminology.
“I think if you have, say you are a branch manager, or a mortgage lender, and you have a loan officer who is coming on that is never been in mortgages at all, they’re just starting fresh on their social media, they want to specialize in first-time homebuyers or something like that, I think chatGPT is incredible for coming up with ideas for social media content, ” says Walls. “Same thing with real estate agents, I think that it’s really good for coming up with content ideas, especially on a basic level.”
Walls cautions that ChatGPT’s access to real-time internet data is limited, and that it should not be relied on for accurate regulatory or industry information. “You definitely don’t want to risk it not being correct,” she warns.
## Ethical Considerations and the Future of AI in Lending
While the benefits of AI in the mortgage industry are undeniable, there are significant ethical and privacy concerns to consider.
Walls admits to being uneasy about the use of AI sales bots, which are designed to sound as human as possible. “I think there’s definitely some improvement that’s going to need to happen in the future as far as like regulations and making sure that it’s not like doing anything unethical. I suppose I feel like it should have to tell people that it’s AI. But it’s a matter of will people even ask? Will they even think to ask?”
She also highlights the growing concern about data security and privacy. “There’s privacy concerns about uploading data to GPT, as well as some legal cases that have surrounded data breaches. What would we say about that?”
“I will not give any legal advice, simply because it’s just not smart,” she clarifies. ”But I would always advise you to consult with your compliance department, to see what your company regulations are regarding that. It’s always best to be conservative. I think we’re going to see eventually Congress will probably have to weigh in or the courts on GPT. I mean, this is, you know, it took 15 years for the courts and Congress to start getting involved in regular social media. But clearly we’ve had hearings going, because there is a race in terms of AI development between the US and the Chinese markets, so Congress is very aware that AI is here to stay and they want to be at the forefront of it. I think it’s, it’s still a little too early, it’s a little bit wild west.”
**Conclusion and Summary**
AI is transforming the mortgage industry at an unprecedented pace. Mortgage brokers are already employing AI tools to improve their marketing, sales, and operations. However, the ethical and regulatory landscape needs to catch up as AI becomes more pervasive. It is critical that mortgage professionals engage with AI ethically, prioritizing consumer privacy and compliance with all relevant regulations.