The mortgage industry\u2019s rush toward the adoption and use of artificial intelligence could risk the acceleration of inefficient processes unless lenders first modernize the underlying infrastructure powering loan origination and securitization.<\/p>\n
That\u2019s according to Figure Technology Solutions<\/strong> CEO Michael Tannenbaum<\/a>, who spoke to HousingWire<\/strong> President Diego Sanchez at The Gathering<\/a> in Austin on Wednesday. Tannenbaum argued that blockchain technology<\/a>, rather than AI alone, will play a central role in reducing fraud, lowering costs and speeding up mortgage transactions.<\/p>\n \u201cAI is going to make lending faster,\u201d Tannenbaum said. \u201cBut if you just digitize a bad process, you don\u2019t necessarily do anything. You\u2019re compounding it faster and faster. \u2026 Use this phrase, \u2018You can\u2019t AI your way into Triple A [securitization ratings].’\u201d<\/p>\n Tannenbaum said Figure<\/a>\u2019s platform differs from competitors by using blockchain technology to verify loan data and place it on an immutable ledger. That verified data, he said, supports a broader marketplace that includes securitization activity and more than 300 lending partners.<\/p>\n The company has focused much of its growth on home equity<\/a> lending. Tannenbaum said Figure originated nearly $1.2 billion in volume in March, marking the company\u2019s largest month on record and representing roughly 100% year-over-year growth.<\/p>\n