Majority of mortgage leaders say AI will lead to job cuts

A majority of technology leaders in the mortgage industry believe artificial intelligence will lead to a reduction in headcounts over the next one-to-three years, according to a new Arizent report. Respondents from managers to C-level executives described the sector's uneven relationship with technology in Arizent's new "AI-Driven Decision Making 2022" report. Among the May survey's 386 participants, 42 mortgage leaders from bank and nonbank lenders, credit unions, brokerages, insurers and servicers described their firms' AI strategies, roadblocks in implementation, and successes. An overwhelming 49% of mortgage respondents said AI will slightly reduce their companies' headcounts, while 20% said it would significantly trim their payrolls. On the contrary, a combined 32% said AI would slightly or significantly increase their ranks.