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Regulation hasn’t caught up to generative AI

Generative artificial intelligence (AI) has tremendous potential to cut costs and improve customer experience, but regulation has not caught up to develop a governance program, industry pros said of AI’s implementation in mortgage lending.

Bias, discrimination, privacy and security concerns related to consumer information are some of the biggest risks in implementing generative AI, noted Brian Stucky, lead at Rocket Ethical AI at Rocket Mortgage

“We still do not have AI-specific regulation (…) We have to operate under the Fair Lending Act. Have we developed a model that is in fact fair? If you details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com