You’ve likely heard of ChatGPT and the online discussions surrounding its use. The AI-powered language tool has been sparking conversations about where and how it can be used to make work more efficient, and the mortgage business is no exception.
ChatGPT was launched in November 2022 by OpenAI. The tool has been trained on millions of pages of writing dating from 2021 and earlier across the internet. It uses AI and advanced machine learning algorithms and data to understand text-based inquiries and prompts and generate a response based on its learnings.
To put it in layman’s terms: ChatGPT is a free online tool you can use to generate writing. It’s not magic, but it can save users effort and time — and in the ever-changing mortgage market, your time is more valuable than ever.
What can ChatGPT do for you?
The greatest value the tool has for LOs is content creation. As an LO, you’re tasked with building and nurturing relationships, but you also have to market yourself — and marketing certainly involves a lot of writing!
With ChatGPT, you can input prompts for a variety of marketing materials and the tool will output a response that mimics human speech patterns. The possibilities are endless — if you need something written, ChatGPT can write it for you.
You could ask for a video script for TikTok or a YouTube video. You could use it for writing tweets or other social media posts. It could even draft an email newsletter and come up with a subject line!
And if you’d rather write your content personally but struggle to come up with ideas each week, ChatGPT can give you a list of potential topics for content.
As an LO, you’re in the business of helping people get into homes — writing marketing content may not be your favorite part of the job, and that’s OK. ChatGPT can help take part of those responsibilities off of your plate and give you more time in your day to foster relationships and work on other human-facing parts of the job.
Things to remember
ChatGPT is not infallible.
In its development, it was trained using 2021 data, so it often includes outdated or factually inaccurate information in its generated content. It’s crucial that anyone using the tool for writing treat the generated material as a first draft that requires editing and a keen eye for factual accuracy.
Users of ChatGPT have also talked about the AI tool’s inability to come up with truly original content, as it relies on already existing content to generate new material. And it’s difficult for it to produce content that connects with readers emotionally in the same way that humans can evoke feelings with their writing.
Ultimately, LOs using ChatGPT should remember that it is a tool, not a magic wand. It can’t substitute for human decision-making or emotion in its generated content, and any writing you generate using the tool should be looked over before publication.
If you’re curious about the tool, it’s worth giving it a try — the time saved by generating “rough drafts” or content ideas can still be valuable for you and your business.
