CAN AI REPLACE MORTGAGE BROKERS?
Saturday night at the wedding celebration of our close friends’ daughter, I had two interesting conversations about AI.
First, I spoke with an 82-year-old retired tax attorney who told me AI will replace many attorneys. A few minutes later, another guest in his early 60s shared that he had just been laid off from Disney along with thousands of others. He simply said: “AI.”
That made me ask myself: Can AI replace me as a mortgage broker?
I asked both ChatGPT and Claude. Their answer was similar — AI can replace people who only deal with numbers and quote rates, but it is much harder to replace professionals who solve problems, guide clients through difficult situations, and build trust.
In San Francisco, many real estate agents know me as a “problem solver.” Over the years I’ve handled challenging loans, including financing in the Millennium Tower, by understanding the business, communicating with lenders, and helping clients stay calm throughout the process.
Am I concerned about AI? Not really.
Technology will continue to change our industry, but experience, judgment, and relationships still matter. That’s why I plan to continue working until our company celebrates its 50th anniversary in about eight years.
Stay around and let’s continue this journey together.
Manny Kagan
