When asked: ‘How can a ChatGPT help mortgage brokers and lenders?’ it told us:‘As an AI language model, ChatGPT can assist mortgage brokers and lenders in various ways:Customer service: ChatGPT can provide immediate customer service to potential borrowers, answering their questions about mortgage options, interest rates, loan terms, and the application process. Loan qualification: ChatGPT can help lenders to pre-qualify potential borrowers by asking a series of questions about their financial situation, credit history, and other relevant factors. Loan processing: ChatGPT can assist with the loan processing, verifying borrower information, and ensuring that all necessary documentation is in place. Marketing: ChatGPT can be used to develop marketing strategies and campaigns to attract potential borrowers, analyzing customer data to identify trends and opportunities. ChatGPT will undoubtedly shake-up the mortgage market, working alongside, not against the expertise offered by advisers and lenders.

Source: The Guardian May 08, 2023 16:59 UTC