AI Chatbot for Mortgage Industry

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In today’s technology-based world, everyone has access to information whenever they need it, including outside of traditional business hours. People want answers to their questions immediately and if they can’t find what they are looking for, they move on to a competitor that will offer the answers they need.

Unfortunately, as a mortgage loan officer, you can’t be available to answer questions 24/7, but there is a way that your website can! Adding a mortgage chatbot can provide potential clients with the answers they need when they are looking. But how effective are chatbots in the mortgage industry?

Key Takeaways

  • An AI chatbot is an artificial intelligence bot that can interact with online users and answer basic mortgage questions, provide information about lenders, and loan processing, among other things.
  • An AI chatbot can provide benefits such as being available 24/7, providing human-like interaction, providing instant answers, increasing lead generation possibilities, generating engagement reports, and being cost-effective.
  • There are three common types of chatbots: support, skilled, and assistant.
  • An AI chatbot is a valuable tool for mortgage lenders as it allows them to provide answers to potential clients outside of traditional business hours, increases lead generation possibilities, and provides engagement reports, among other benefits.

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What is an AI chatbot?

AI chatbots are artificial intelligence bots that interact with online users, simulating a conversation. Through conversation, these chatbots can answer basic mortgage questions, provide information about the lender, information about loan processing, and much more. This allows potential clients to get the information they need at any time of day or night and allow you to follow up with them during business hours.

Benefits of an AI chatbot

The average person between the ages of 16 and 64 spends just under 7 hours a day online. These users are often performing internet searches and looking for answers to questions, shopping online, and visiting social media platforms. If they can’t find the answers they are looking for, statistics show that nearly 40% of internet users prefer to interact with chatbots online to find the answers they are looking for. Having a chatbot that works through your website or social media platform offers many benefits that can help boost your business.

Available 24/7

No one wants to work 24/7 but you do want to be available for your clients and potential leads. Adding a chatbot allows you to offer services and answers to potential clients no matter what time of day or night.

Human-like interaction

Chatbots are programmed to interact with users in the same manner as you would through natural conversation. They can decode even the simplest of terms and provide answers to the mortgage industry questions users have.

Provides answers instantly

Online users want answers to their questions immediately and, when they have to wait to contact you during business hours or respond to their email inquiry, they are often more likely to move on to a competitor that can provide the answers they are looking for. With an AI chatbot, these users can receive the answers and information they are looking for instantly and, if needed, follow up with you during normal business hours.

Increases lead generation possibilities

A chatbot is a valuable tool to add to your lead generation strategy. It allows you to increase the conversational experience of your website visitors. Through conversation, the chatbot can evaluate prospects and provide them with the information they request. When the chatbot determines the prospect is a qualified lead, they can directly connect the lead to you for further follow-up.

Generates engagement reports

AI chatbots not only provide information to potential borrowers, but they also provide an insight to you on the visitors to your site, what they are looking for, and how you can better provide the information they are looking for. In addition, these engagement reports evaluate chatbot users and identify qualified leads for additional follow-up.


Answering online visitors’ questions and concerns is important and you want to be able to do this immediately. However, hiring customer service agents that can be available 24/7 can be expensive. AI chatbots solve this problem, enabling you to provide the customer service that will boost your business without the traditional costs of a customer service team.

Types of AI chatbots

Not all chatbots are the same and how they work depends on their algorithms and how they are programmed. There are three common types: support, skilled, and assistant.


Support chatbots are programmed to be automated customer service agents that can answer any potential questions a user may have about a specific topic. In the mortgage industry, these chatbots have an in-depth knowledge of the lending process and can provide quality information to the user.


Skilled chatbots are programmed to provide a specific skill. For example, Alexa is a skilled chatbot that users can ask to turn on their music or provide a Google search. In the mortgage industry, a skilled chatbot can include a mortgage calculator.


Assistant chatbots are essentially a combination of the two previous chatbots. They offer both the ability to converse with users as well as provide tasks and tools for users to interact with.

AI chatbots benefiting the mortgage industry

Quality customer service and building relationships with leads and clients are essential for every successful mortgage lender. However, technology and the internet have changed the way many potential clients look for information and short of hiring a customer service team or working 24/7, there is no way you can be available to answer questions every hour of the day. This is where an AI chatbot becomes a valuable tool for your business, allowing you to provide the answers consumers are looking for when they are looking.

At Good Vibe Squad, we understand the importance of customer service and quality leads and work to boost mortgage production. To learn more about our Unfair Advantage™ program, schedule a strategy call with us today.

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