Housingwire Ai Summit to tackle the promise and pitfalls of Tech

Speed is not everything

Forney’s speech is entitled: “Efficiency cannot solve the competence problem” and will reduce the fixation of the industry on speed and automation.

“The consumer has never asked for more code and more automation,” said Forney. “What they want is competence and insight. The problem that teases the real estate sector, or what consumers say they want the most is not to have a more automated, streamlined, efficient process. They want better agents.”

Forney argues that although companies often promote the time -saving possibilities of AI, its real value lies in the expansion of the knowledge of agents and improving customer service.

“Everyone calls it AI, and my pushback for everyone is that it makes the intelligence benefit of artificial intelligence cheaper,” he said. “The majority of the quality of consumer experience stems from agents who actually use the cumulative intelligence that consists of artificial intelligence. And instead is what everyone tries to sell and what everyone talks about, all the efficiency that is added, the time you can save.

“Time is not the problem that brokers have.”

He said the real gap is based on knowledge and that technology makes it easier to cross.

“For the first time you no longer have to be a 10-year-old, 20-year-old veteran to be an expert in housing and to be an expert in the process,” he said.

Although some fear that AI could move agents, Forney mentions such predictions exaggerated.

“There is a cemetery full of hundreds of billions of dollars that are wasting to put brokers out of the business community,” he said. “That Kerkhof was littered with companies that thought they could put a broker out of operation, and all they have done is brokers’ brokers in the hands of consumers.”

More agents are hired today than ever before, he noticed.

“The broker, whether they use AI or not, does not go bankrupt. The consumer is still going to hire a broker, because the job is not exclusively knowledge,” said Forney.

Double perspective

In the meantime, Waddy will tackle AI from the perspective of both a compliance leader and someone who is active in an AI service company.

Her session, ‘Trust Fall’, will investigate how companies can build trust in AI tools while navigating continuous regulations.

“I have the advantage not only to work for a mortgage company that uses AI. I also work at a separate AI company that we have,” said Waddy. “I see both sides of adoption, which is a fairly unique place to be from an industrial perspective.

“It’s not just how you implement it. It is how you get customers and other companies to think about implementing it.”

Waddy plans to outline practical adoption strategies – including which teams should be focused on and how to approach the selection of suppliers.

“On which levels do you actually let people trust the AI, do you trust what you put in, trust that what you get out of it is accurate?” she said. “People who are not so familiar with technology in general to use it first and to trust that it can be very difficult.

“What about the business side, how do you get your AI approved? And what should managers or supplier management teams think when it comes to using the right AI platform?”

For some companies, Waddy proposes to start small.

“They may just want to start with some sort of closed AI that helps to communicate internally and prepare letters or revise contracts,” she said. “While an organization that has been a high adoptor of AI, they may want to use something much more advanced and start exploring some of these large language models or agentive AI.”

She also expects that supervisors are sharpening AI supervision, especially with regard to consumer interactions and the decision-making of the loan.

“I think there will be a pivot point where it will be more regulated,” said Waddy. “Where I see most of the regulatory starts, two things interaction with the consumer and decision-making-Dus are endorse and decide a loan file.”

She pointed to AI tools with human voices – such as those used by Better.com – as examples of systems that can be confronted with new disclosure rules.

“Although there is already desktop underwriter and (automated insurance systems), I think with extra artificial intelligence surrounding loan decisions, that regulators are talking about placing some guardrails around established AI solutions,” said Waddy.

Some states have proposed to give consumers the opportunity to complete the AI -based loan decision, she noticed.

“Because people are considering suppliers, they really have to think that they have a really well -informed back office that follows these things and advises while we use artificial intelligence in our organizations,” Waddy said.