Jen Chapman in Rick’s Room

This episode of Rick’s Room features Jen Chapman, a mortgage operations leader with more than two decades of hands-on experience across the loan lifecycle. The conversation explores one of the most urgent and misunderstood topics in the mortgage industry today: the real-world implementation of AI inside lending organizations.

Jen brings a rare perspective—someone who has actually worked inside operations, technology, and compliance, and understands what it takes to implement AI in a regulated environment. This breadth of experience becomes critical to her perspective on AI: successful implementation requires understanding the entire loan manufacturing process—not just technology.

She explains that implementing AI is not a plug-and-play exercise. It requires updating as many as 11 internal policies, including vendor management, quality control, data security, and change management. Jen also highlights the complexity of regulatory oversight. Lenders must account for state-level regulations, GSE requirements, and internal compliance standards—all of which influence how AI can be used.

Podcast Highlights

Rick Grant:
Hi, and welcome back to Rick’s Room. This is the podcast where we simulate the end of a busy conference day. We’ve been working hard, we’re exhausted, and now we finally get to sit down in the lounge and talk to someone we’ve been waiting to connect with.

If you’ve been watching the show, you know I love technology—especially AI. But it’s rare to talk to someone who understands it both at a high level and inside companies that are actually implementing it.

Today’s guest is exactly that person. Jen Chapman has over two decades of experience in mortgage operations and has been on the front lines of implementing new technology. Jen, thanks for being here.

Jen Chapman:
Thank you, Rick. Glad to be here.

Rick Grant:
Let’s start with your background. In all my years covering this industry, no one ever planned to end up in mortgage banking. How did you get here?

Jen Chapman:
Like most people, I didn’t plan it. I have a general business degree and started in title right out of school. I answered a local newspaper ad, worked in title, then moved into mortgage after the 2008 downturn.

From there, I worked my way through nearly every role—from disclosures to closing and selling loans to investors—over about 17 years.

Rick Grant:
That kind of experience is rare. And it gives you a unique perspective now, especially with AI. Everyone’s talking about it, but mostly at a high level.

What’s different when you look at AI from inside a lender?

Jen Chapman:
What’s missing from most conversations is the groundwork.

Before you implement AI, you need governance. That means a policy, a strategy, and a framework. You have to train your leadership team and build committees to evaluate and approve each use case.

And that takes time.

You’re not just turning something on. You’re updating policies, sometimes more than ten of them, and aligning operations, compliance, legal, and IT.

Rick Grant:
So this isn’t plug-and-play.

Jen Chapman:
Not even close. You’re updating vendor management policies, quality control, safeguards, change management—everything.

And then there’s pre- and post-deployment testing. It doesn’t stop once the tool is live.

Rick Grant:
Do lenders have the internal teams to handle this?

Jen Chapman:
Some do, but many need outside help. It depends on whether someone internally understands operations, compliance, legal, and technology together.

Because all of those functions have to come together to do this right.

Rick Grant:
And not all AI is the same, right?

Jen Chapman:
Exactly. Internal tools, like a chatbot for employee knowledge, are lower risk.

But anything that touches the loan manufacturing process? That’s high risk. That requires much stricter governance.

You need committees, including ethics, regulatory, security, data, and QC, as well as executive approval.

Rick Grant:
There’s a lot of urgency right now. Lenders want AI.

Is that creating risk?

Jen Chapman:
It can. Vendors sometimes make it seem too easy. But the lender is responsible—not the vendor.

If you don’t understand the compliance and security implications, especially with borrower data, you’re exposed.

Rick Grant:
What happens if they get it wrong?

Jen Chapman:
Audits are a big one. If you can’t explain how your AI works, you’ll have findings.

And on the consumer side, if AI gives the wrong answer or makes a bad decision, you lose trust. That’s a huge risk.

Rick Grant:
Final question: tell me about the Athena Council.

Jen Chapman:
It’s a great organization founded by Molly Dowdy. It brings women in the mortgage industry together to collaborate and support each other across all disciplines.

Rick Grant:
That’s fantastic. Jen, thanks for joining me.

Jen Chapman:
Thank you.

Rick Grant:
And thank you for watching. We’ll see you next time on Rick’s Room.