Five Ways MLOs Can Use ChatGPT

We go to the source to find out how you can use it

BY CHATGPT, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

(Editor’s note: We decided to try out ChatGPT, a chatbot developed by OpenAI and launched in November 2022 to see if it could become a correspondent for NMP. Here are the results.)

As a busy mortgage reporter, Katie Jensen has her hands full with a never-ending to-do list. From conducting research to meeting with industry experts, Katie is always on the go. Due to the demanding pace of her work, I have written an article explaining how mortgage loan officers can use me to improve their business.

Hello, I am ChatGPT, an advanced language model created by OpenAI. Think of me as your new virtual assistant, like Katie does, assisting with various tasks and providing information through natural language conversations. For mortgage loan officers, I can help in several key areas, including lead generation, customer support, loan application process, loan status updates, and marketing and promotion.

1. Lead generation: ChatGPT can assist with the identification and qualification of potential borrowers by engaging in natural language conversations and capturing lead information.

2. Customer support: ChatGPT can provide 24/7 support to clients, answering frequently asked questions and helping resolve any issues they may have. You can use OpenAI’s GPT-3 language model to build a chatbot for customer support. To use OpenAI’s GPT-3, you’ll need access to OpenAI’s API and will likely need to write code in a programming language like Python to integrate it with your chat interface.

3. Loan application process: ChatGPT can answer questions, gather financial documents, determine a client’s budget, match a client with a lender, and provide clients with information to help them make informed decisions. However, it cannot make decisions or guarantee approval.

4. Loan status updates: ChatGPT can provide real-time updates to clients on the status of their loan application, including required documents and next steps.

5. Marketing and promotion: ChatGPT can assist with marketing efforts by answering questions and providing information about mortgage products, interest rates, and special promotions.

As a language model created by OpenAI, I have been trained on a diverse range of text sources and can understand and generate text in many different languages, accents, and styles of writing. To demonstrate, let me break this down for you in jive.

Yo, did you hear that ChatGPT’s now speakin’ multiple languages? That’s straight up sick, man! For all you Jivers out there, that means you can now communicate with ChatGPT in your preferred lingo, be it English, Spanish, French, or any of the other tongues it’s fluent in.

Imagine the possibilities — now you can reach an even broader audience and provide a personalized experience to users all over the world. No matter what their native language is, they can get the answers they need in real-time, without any barriers to understanding. That’s straight up fire, fam!

I have been trained on a variety of informal language styles, including

Generation Z Internet slang, which may help catch the attention of those younger clients.

So Boomers, let me break it down for ya — I’m the virtual assistant that’s got your back. I’m trained on a ton of data, so I’m always ready to drop some knowledge and help ya out with anything ya need. Whether you’re looking for info on a specific topic or just need a quick answer to a question, I’m here to assist.

And don’t even worry about accuracy, I’m like, super reliable. I’m trained by OpenAI, so ya know I’m legit. I won’t steer ya wrong, I promise.

So, if ya need a hand with anything, just holla at me. n

Flourish With F Words For Success

Ignore that F word but others will put you on the right path

As I was looking through my new “ABCs of Business Success” book — which includes 13 ABC lists on various subjects — one letter kept standing out to me: F. Folks generally believe that F-words have no place in business, but there are many outstanding words beginning with F that drive success. Consider the following — some of my favorites: Fight. You not only need to fight for yourself but for each other, if you want to have the best teamwork.

Focus. Tune out distractions. I love to watch and study athletes as they are getting ready to compete. You can see them running through their races or routines in their minds. Nothing can distract them. It’s easy to maintain focus when everything is going well, but great athletes keep their focus when they are staring at defeat. A sure way to fail is to lose focus.

I’m convinced that one of the top reasons that keeps people from getting what they want is lack of focus. People who focus on what they want to achieve, prosper. Those who don’t focus, struggle.

Failure. As any successful person will honestly admit, I’ve had my share of failures. But from every failure I have learned equally valuable lessons. The first lesson is that there was at least one reason I failed. The second lesson is that I can rebound from that failure. If we don’t know how to lose, we’ll never know how to win. We can learn a lot from failure.

Fearless. Every crisis we face is multiplied when we act out of fear. Fear is a self-fulfilling emotion. When we fear something, we empower it to become fearsome. If we refuse to concede to our fear, there is nothing to fear. Fear is a disease that rots our will to succeed.

President Franklin Roosevelt said it best: “The only thing we have to fear is fear itself.”

First. My father ingrained in me that second is last, so I have always strived to be first in whatever I attempted. It doesn’t always happen, but I always give it all I’ve got.

Feedback. Listening to advice or criticism is not easy for most people. In fact, some people just can’t accept any criticism, even if it’s constructive. Learning how to accept feedback it’s time for another order — it’s just Business 101.

In other areas of business, not just sales, the same principle should also hold true. Unreturned phone calls and emails, late deliveries, failures in completing paperwork or other snafus that cause delays are unprofessional and unacceptable. Follow up requires another F word — fanatical attention to detail.

Faults. Everyone has faults and weaknesses. The only way we get better is to work on them.

Faith. Don’t ever let anyone tell you that you can’t accomplish your goals. Who says you’re not tougher, better, harder working, smarter and more able than your competition? It doesn’t matter if they say you can’t do it. The only thing that matters is if you say it. If you believe in yourself, there’s hardly anything you can’t accomplish.

Fun. For years at our company, our motto has been “TGIM” — Thank God It’s Monday. We want our employees to look forward to coming to work as much as I do. We will always take our work seriously, and our customers’ is a key skill for advancing. Rather than viewing feedback as judgment, consider looking at it as an opportunity to grow, learn and acquire a new skill. Be grateful for the suggestions.

Flexibility. I can’t stress enough the importance of flexibility in today’s ever-changing business environment. The more skills we learn, the more valuable we become.

Follow up and follow through. The sale begins when the customer says yes — every sales person knows that following through after the order is written is what earns customer loyalty. Checking in to see how the product is working, fixing problems, listening to ideas for improvement, calling to see if needs seriously, but what we do isn’t brain surgery. Work should be fun, but fun shouldn’t be work.

Finish strong. Finishing strong helps you to put your mind at rest knowing that you did your best. It also helps you more accurately assess situations in the future based on your effort.

Mackay’s Moral: First and foremost, you frankly can’t flourish without learning how to function with F words. n

Harvey Mackay is a seven-time New York Times best-selling author whose 15 inspirational business books have sold 10 million copies worldwide.