[David] Let’s get over to Allen Pollack on Tech. Allen, I think about you often as I’m working more and listening more and more about people switching over to Claude and what it’s doing, Claude Cowork claw messages. There is so much that this is accelerating and I think that more and more employees are becoming more dependent on this and I think it’s opening up the liability to mortgage companies because of these dependencies that are more and more people are having.
[Allen] Yeah. It’s pretty funny that you guys said, somebody said maybe David Kittle, that someone said the word fatigue. Oh, I think when you were talking about it if you’re fatigued by what’s going on in the market, that’s one of the topics that I was gonna talk about today is AI fatigue. So good parlay here. But let’s get into something funny for a second. Yeah. If that’s always good. those text messages that go wrong you ask for Hey, bring me down a sandwich. And for somehow you said, this, the squirrel was licking the nuts. You can come up with something like just absolutely crazy because autocorrect and you type in fast and not paying attention. So anyways, these are some pretty funny ones. They’re more kind of mortgage aligned. But this one’s the classic borrower timing. So this is all mortgage related. Hey, quick question. We closed tomorrow. Is it too late to change jobs? The next one is the document struggle. It’s from the LO. Hey, can you send me your bank statements? The borrower says, yep, sending now, and they send 47 different screenshots completely out of order instead of logging into the portal and uploading or using the integrated service like through plaid, for example. The next one is called the Credit Surprise. The LO says, Hey, everything looks good. No new credit, right? The borrower says, correct, just finance a car yesterday, but that shouldn’t matter or hit right away. Then number four, the quick question, the borrower says at 10:47 PM Hey, quick question. Lo says, go ahead. Borrower writes three paragraphs of information that nothing the yellow can even bother to answer right away. Just the timing and the borrower waiting till the very last minute, 11 o’clock at night. And then the very last one is called the rate watcher from the borrower. Hey, rates just dropped by an eighth today. Can we redo everything? So those are always good, but let’s talk about a couple things. The first one, David, is AI overload. Is this an lo reality, right? AI works. That’s not the problem. There’s a million AI models out there. Everybody’s working on ai. The problem is there’s 15 tools, 10 subscriptions, and you’re trying to duct tape everything together. And then you watch a video online that says you don’t need to use Zapier or NAN and you can tell Claude Cowork to do what you want. The problem is that there’s too much, there’s oversaturation. Your brain can only handle so much. You become the jack of all trades and the master of none. Ultimately you need to find one or two things. The real point, what is it you’re trying to do? And have very small wins, no AI solution that you implement. No AI strategy is gonna work perfect on day one. You can’t expect that you’re just going to upload some data, run some AI tool, and boom, everybody’s now a new borrower. It’s just not gonna happen. And you maybe even have data leaked all over the place. AI overload is a thing. Let’s just grip onto what we wanna accomplish. Let’s take small little bites, let some of these things evolve and work themselves out with that. And then, I had a couple other things here, David, but there was one other thing I wanted to bring up and lemme see if I still have it. Talking about AI fatigue. Yeah, I must have I must have breezed right through it. But ultimately let’s just stick with the concept that, don’t get AI overload, don’t get fatigued based on all these different platforms and decisions and everything that’s out there. And and stick to one master goal.
[Kittle] So Alan, I think the comment around fatigue was their fatigued with the industry as a whole over the last few years and Right. AI just adds to it. So the people are fatigued from many things in the business, higher interest rates and. And every and the cost to do a loan. And then AI just adds onto that. So it’s not AI alone.
[Allen] Great point.
[David] Yep. Anyone else not have any commentary about AI fatigue? I’ll tell you what I get fatigued at, I don’t ever sign up for a long-term subscription to anything because it’s month to month. They’re all changing so rapidly. And I got sucked in earlier this year into a couple annual subscriptions. Hey, I thought I had saved myself a little money. That’s major mistake. It’s month to month. Everything. It’s changing too rapidly.
[Kittle] I know One long term contractor you’re about to go into though and it will not be.
[David] Yep. That’s one. That’s, yeah. I don’t mind that one. Everyone knows I’m getting married, so that’s a nice one to be doing well.
[Bill] So just a quick little anecdotal story, so there’s right real estate, therefore the mortgage business comes down, to intelligence and attitude, right? And intelligence is figuring out where to price houses, et cetera. So there was a decent sized real estate market, right? Not this past weekend, but a week ago. There were seven open houses that weekend, one real, estate company. And all seven houses are under contract at or very close to the original listing price, right? If people are realistic about real estate right now, supply and demand become balance pretty easily. In the markets where people are, where things are not happening. Somebody’s expectations are not realistic. It’s no more complicated than that. And if you price it properly, then the market does its thing.
Allen Pollack
, Chief Operating Officer, Tech Consultant
Allen Pollack, a Mortgage & Financial Services Technology Advisor, is a subject matter expert in the mortgage origination process along with software product management and software development.
In today’s financial services push to all things Digital, Allen has been helping lenders and financial services solution providers align their digital transformation and technology strategies by removing the human element of risk, and automating processes that drive efficiencies and margins into profits.
Over the course of his career, Allen has co-created and developed technology business models that have birthed highly successful, innovative solutions and companies.
Allen co-founded and served as CTO of New York Loan Exchange (NYLX), a loan product eligibility and pricing engine (PPE) that made an immediate impact on the industry, scaling the company quickly and forming partnerships with multiple mortgage and financial lending companies. In 2012, Allen was a co-founder of a merger between NYLX and Aklero Risk Analytics that created LoanLogics, A Mortgage Loan Quality and Performance Analytics company. Allen served as CTO where he continued to bring new and innovative product solutions to the market that made a significant impact to mortgage lenders that reduced risk, scaled business channels, and grew profits in a very competitive and highly regulated market.
Allen is also is mortgage and finance technology contributor on a weekly live industry podcast, Lykken on Lending, and is launching a new podcast soon to be released, TechStack Radio, dedicated to technology and innovation in Financial Services.