Document AI in Loan Production and Servicing: Identifying and Addressing the Legal and Regulatory Risks
Balancing Increased Efficiencies and Lower Costs While Ensuring Compliance With Regulatory Requirements
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss the vital role Document AI (intelligent document processing) plays in loan production and servicing. Despite the cost savings and efficiencies in the use of these technologies, financial institutions need to be mindful of the guidelines and regulations related to fair lending, consumer protection, and anti-discrimination when incorporating AI tools into the loan documentation, lending, and servicing lifecycle.
Outline
- How banks and financial services institutions are leveraging AI
- Opportunities and benefits of AI
- Disadvantages and risks of AI
- Regulatory oversight of AI and AI software implementation
- Privacy and cybersecurity concerns
Benefits
The panel will review these and other key issues:
- How is Document AI technology and its applications being used in the loan documentation and servicing process?
- What are the regulatory issues raised by AI?
- What are the potential liabilities for financial institutions that rely on AI?
- What are the latest enforcement actions concerning the use of AI?
Faculty
Linda Ann Bartosch
Partner
Dechert
Ms. Bartosch’s practice encompasses a broad range of real estate finance, structured finance and investment... | Read More
Ms. Bartosch’s practice encompasses a broad range of real estate finance, structured finance and investment matters. Her expertise includes the purchase, sale, financing and servicing of single-family rental portfolios, residential mortgage loans, bridge loans, mortgage servicing rights and other types of commercial and consumer-facing products related to residential properties, with a particular focus on securitizations. In addition, she advises clients on construction lending and lease financing. Ms. Bartosch advises clients on the incorporation and use of blockchain in the origination, purchase, sale, servicing and financing of financial assets. She also advises clients on the lending of cryptocurrencies and digital assets, as well as lending secured by cryptocurrencies and digital assets.
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Justin C. Steffen
Partner
Barack Ferrazzano Kirschbaum & Nagelberg
Mr. Steffen practices at the intersection of law, banking, and innovation. Focusing on bank-fintech partnerships,... | Read More
Mr. Steffen practices at the intersection of law, banking, and innovation. Focusing on bank-fintech partnerships, regulatory, and licensing matters, and commercial contracting, he helps bank and fintech clients de-risk the future of financial services. Clients seek out Mr. Steffen for help with managing and negotiating partnerships (Fintech and BaaS), payments issues (real time, wires, ACH, card networks, BIN sponsorship), digital asset matters, and other technology-focused concerns (financial privacy, AI and machine learning, and data analytics and usage). He helps scores of bank and fintech clients identify and evaluate prospective partners, negotiate program management and partnership agreements, obtain regulatory approval for BaaS and other strategic endeavors, and manage ongoing partnerships. In the last few years alone, he has helped clients launch products and services including credit, debit and prepaid cards, payment processing, real-time and faster payments services, commercial and consumer loans, digital asset custody, and investment products. A cited authority on digital currency, lending and Fintech issues, his notable accomplishments in the field include creating a Financial and Emerging Technologies course that he teaches at Northwestern University Pritzker School of Law, founding the Fintech practice at two AmLaw200 firms, and organizing the first legal-themed digital currencies conference, the Block (Legal) Tech Conference.
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