Fintech Mortgage Lending Platform Integrates With ChatGPT

“Can you underwrite this loan?”

That’s an example offered by Better, a fintech mortgage lending platform, in its preview of how its new AI underwriting system can be used conversationally in a chat box. According to the announcement, up to 95% of mortgage applications can be approved instantly using the technology which is geared toward lenders. To use it, companies need only download the app into ChatGPT.

“The mortgage industry is riddled with inefficiencies that hurt consumers, as well as the loan officers and lenders who serve them,” the company said in an announcement. “Big mortgage aggregators in the broker and correspondent channel charge what is essentially a 1-2% tax on each loan just to underwrite a mortgage and deliver it to an institutional investor. That ends now,” said Leah Price, General Manager of Tinman AI Platform. “Loan officer teams and banks can simply log into their ChatGPT Enterprise account, download the Tinman AI credit decision engine app, connect their guidelines, pricing, and CRM to process, underwrite, and fulfill loans nearly instantly; passing thousands of dollars in savings to consumers.”

AI underwriting is being strongly considered in consumer lending but has not gained much traction in small business lending to-date.