The Mortgage Bankers Association is pushing the mortgage industry to establish a unified framework for managing artificial intelligence, warning that fragmented approaches could create compliance and operational risks. In a new white paper, the trade group argues that lenders need consistent standards as AI tools proliferate across origination, servicing, and customer engagement.
The call comes as adoption accelerates, with lenders deploying AI for everything from automated underwriting to chatbots. But the MBA cautions that without a shared playbook, firms could face regulatory whiplash and uneven customer experiences. The paper does not prescribe specific rules but outlines broad principles around transparency, bias testing, and vendor oversight.
No specific AI adoption rates or cost savings were cited in the white paper. The framing is forward-looking, emphasizing preparation over immediate action. Some critics argue that a single framework may stifle innovation or be too slow to adapt to rapid technological change.
In a separate development, the National Reverse Mortgage Lenders Association discussed its own regulatory priorities at a meeting in Irvine, California, including lower HECM insurance premiums and fewer second appraisals. That effort, however, remains in early stages and is not directly tied to the AI debate.