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the entire process more accessible, transparent and financially rewarding than ever before.”
of economic, legal and regulatory reasons. Furthermore new automation technologies will both create some totally new jobs in the digital technology area and, through productivity gains, generate additional wealth and spending that will support additional jobs of existing kinds, primarily in services sectors that are less easy to automate.” In effect, artificial intelligence is a two-edged sword. It promises great productivity and lower costs but it can also displace workers. It’s a trade-off that worries some people. “I think we should be very careful about artificial intelligence. If I had to guess at what our biggest existential threat is, it’s probably that.” Who issued this warning? According to the Daily Mail the speaker was Elon Musk, of course. Unquestionably, the AI genie is out of the bottle but maybe our job worries are misplaced. Perhaps we’ll wind up as we did a century ago when we traded horses for motors. A new technology changed the world back then and for most everyone it was an improvement that led to remarkably better lives.
Go back to that online loan application, the one that provided a solid estimate of borrowing ability in just a few minutes. Did the borrower speak with a loan officer? Did an underwriter review the file? Across America, says the Bureau of Labor Statistics, there are almost 306,000 loan officers, individuals who typically earn $63,650 a year. That’s nearly $19.5 billion in wages — or costs, depending on your perspective. With automation a lot of those jobs and salaries are at risk. How many? The consulting firm PWC estimates that as many as 38 percent of all U.S. jobs could be lost by the early 2030s. However, the firm also says “in practice, not all of these jobs may actually be automated for a variety
Reali says it “offers lower fees and cash back with a full refund of the buyer’s agent commission (typically 2.5 percent) that is paid back to the buyer. The seller’s commission is reduced to just 4 percent, saving tens of thousands of dollars in certain markets. Full mortgage brokerage service and warranty are offered to both homebuyers and sellers. Reali has made significant progress since its initial launch in late 2016, driving substantial benefits and cost-savings for its customers. On average, each transaction through Reali saved home buyers $31,335 off the cost of their home purchase.”
I think we should be very careful about artificial intelligence. If I had to guess at what our biggest existential threat is, it’s probably that.”
Elon Musk Founder, CEO, and CTO of SpaceX
JUNE 2017
ATTOM DATA SOLUTIONS • P10
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