Has suspicion around AI content come into the mortgage industry?

Disclaimer: This content was not written with the assistance of AI.

Last week, brokers slammed a comparison website for incorrect mortgage content. Many suspected that the content may have been created by tools like ChatGPT.

Is this a glimpse of a future where most of the content online will be AI generated, therefore generic, uncreative, and often incorrect, and where thoughtful human content will be lost in the noise?

If yes, that’d be a terrifying future – especially in our industry, where borrowers depend on content online to educate themselves on what will be one the biggest financial decisions in their life.

At MPowered Mortgages, we believe the future for AI and mortgage content is different – and it’s already here.

Here are three reasons why.

Firstly, AI will be an assistant in content creation – it won’t automate it. The debate last week proves that we’re all coming to terms with this. That’s because content creation is what builds relationships and that’s not what we want AI to automate. What AI can automate is the onerous parts of mortgage underwriting – like expenditure verification from bank statements or credit commitment matching.

Secondly, we won’t be using generalist models like ChatGPT. Each industry will have its own set of Large Language Models. Last week, a group of researchers released an open source FinGPT model, targeting the finance industry. This is already happening in image creation, where individual artists fine tune generalist models on their own style.

Thirdly, we won’t be relying on a single LLM. Researchers are already working on methods where one LLM checks the other, and disagreement between LLMs gets highlighted, reducing the risk of incorrect information.

These points underline our multi-LLM, specialist AI in MPowered Mortgages, and this how we’ve designed Marketing Assist, the free AI tool that we launched in recent weeks.