UWM’s Jason Bressler challenges the fear-driven narrative around AI in mortgage lending

Discussions about the impact of artificial intelligence (AI) have dominated conversations on stage at HousingWire‘s The Gathering. But there seems to be little common ground as some lenders are excited for the chance to scale their businesses to new heights by taking away menial tasks, while others are concerned about information security and job insecurity.

Jason Bressler, chief technology officer for United Wholesale Mortgage (UWM), is trying to change the narrative around AI being integrated into the mortgage industry and lending solutions.

In a session dubbed “The CTO Playbook,” Bressler told audience members that he considers the use of AI as a form of “empowerment” and “protection.”

“What we need to understand is that AI is not some experience at the end of the day … it is a predictive analyst,” he said. “But everything, as you look at that, boils down to one thing: data. It’s all about the data, and having reliable data and confident data, in what we’re doing and the decisions that you’re making possible.”

To AI naysayers, Bressler warned that resisting the integration of AI chatbots and solutions is akin to 1990s mortgage companies that resisted the internet. This could lead some companies to fall behind. The same root Bressler alluded to is technological intimidation.

“You don’t need to come up with a giant strategy. AI does not have to be expensive. … There is always a way to improve or change the manufacturing process. It could be operationally, it could be getting leads,” he said. “Remember, AI doesn’t have an NMLS. It can’t do everything.”

As the CTO for the largest mortgage company in the U.S., Bressler discussed toeing the line of developing in-house technology — what he refers to as a build versus buy mentality — and keeping that technology from replacing any of UWM’s several thousand employees. The company claims it has never had to lay off any team members.

“Technology should work to enhance the job that you do, that loan officers do, that real estate agents do. It should never replace everyone. It should take away the tedious, laborious tasks,” he said.

Bressler’s example was UWM’s AI-powered loan assistant, MIA, which makes outbound calls, asks and answers questions, takes messages, collects callback info, and even follows up with borrowers for refinance opportunities.

“There are a lot of us here who understand AI. There are a lot of us who have taken all kinds of risks and failures in using it, and have done all kinds of things,” Bressler said to the audience. “At the end of the day, utilizing AI helps our industry because it levels our playing field.”