State Artificial Intelligence Law and the Real Estate Finance Industry
In the absence of Congressional action, states have begun debating how to regulate artificial intelligence (AI) in earnest with legislative efforts broadly aimed across industries. In May 2024, Colorado became the first state to enact a statute governing these tools. MBA and its partner state and local associations are engaged in advocacy to ensure the specific needs of the real estate finance industry are considered in these debates and incorporated into any final policy. MBA created a report exploring AI in the Mortgage Industry and a document outlining Myths vs. Facts about the industry's use of AI. Educating state legislator's on the use and purpose of these technologies is key to ensuring these policies do not interfere with the overall mortgage market.
For example, member companies often rely on AI tools they do not own nor control in order to extend sustainable mortgage credit to low- and moderate-income families through the affordable housing programs of the federal government. This includes AI tools developed or required by Fannie Mae, Freddie Mac, the Federal Housing Administration, the Department of Agriculture's Rural Housing Service, and the Veterans Administration's Loan Guarantee Program.
Given the reliance on federal tools, it is vital that state policy makers continue to allow their federal counterparts to manage these systems and not create any unintended consequences through a patchwork of state laws.
ENACTED
Colorado: Consumer Protections for Artificial Intelligence (May 17, 2024)
- Rulemaking Updates: https://coag.gov/ai/
All Activity Related to State Artificial Intelligence Legislation
- 2025 State AI Legislative Activity (As of February 7th)
- 2025 State AI Regulatory Activity:
- November 22, 2024: California's Consumer Privacy Protection Agency (CPPA) published proposed regulations regarding cybersecurity and automated decisionmaking technology (ADMT). Comments are due February 19th, 2025.
Related MBA Events
AI Voice Agents and Use Cases for Mortgage Lending
*This is a sponsored webinar. Please be advised your contact information will be shared with the sponsor.*Advanced AI voice agents are transforming the mortgage industry, bringing new levels of efficiency and personalization to key processes. In the
*This is a sponsored webinar. Please be advised your contact information will be shared with the sponsor.*
Advanced AI voice agents are transforming the mortgage industry, bringing new levels of efficiency and personalization to key processes. In the mortgage space, AI voice agents are streamlining operations by managing repetitive tasks. They provide instant, accurate responses to customer inquiries, ensuring a seamless experience while freeing up human team members to focus on high-value, relationship-building activities.
Join MBA Education and Marr Labs for an insightful discussion into the transformative power of advanced AI voice agents and their profound impact on the mortgage banking and mortgage brokerage industries. Panelists will cover how cutting-edge, human-like AI technology is reshaping the way loan origination is approached, streamlining the customer experience, and driving efficiency across operations. In this webinar, our speakers will explore how AI voice agents can handle routine inquiries and processes, enabling human staff to focus on more impactful, client-centered tasks.
Date/Time
- Thursday, April 10 (2:00 PM - 3:00 PM ET)
Objectives
- Accelerate lead conversion with immediate engagement and seamless handoff powered by AI voice agents
- Enhance customer experience and boost retention through the capabilities of AI voice agents
- Achieve greater operational efficiency and cost savings by leveraging AI voice agents
- Strengthen compliance and mitigate risks with AI voice agents ensuring consistent and accurate interactions
- Drive business growth with AI voice agents offering deep personalization through advanced data integration
Experience Level
- Intermediate
- Advanced
Target Audience
- Head of Mortgage Origination
- CTO
- Chief Innovation Officer
- CRO
- S/VP of Customer Success/Service
Speaker(s)
- Moderator: Rick Hill, Vice President of Industry Technology, Mortgage Bankers Association
- Dave Grannan, Co-Founder & CEO, Marr Labs
- Ruth Lee, President & Executive Business Consultant, Big Think LLC
- Josh Reicher, SVP & Chief Digital Officer, Cenlar FSB
William Kooper Discusses State Artificial Intelligence Advocacy Efforts
Join MISMO's Artificial Intelligence (AI) Community of Practice (CoP)
MISMO's AI CoP aims to bring together experts and practitioners to collaborate on advancing artificial intelligence standards in the mortgage industry. The AI CoP will also be a forum for industry professionals to stay informed on the latest AI trends and advancements that are transforming the mortgage landscape. Access MISMO Connect to join.
Leave a comment