AI mortgage misinformation poses big risks for consumers: REMIC CEO
The misinformation gap
White recently raised the issue directly with an Ontario Member of Provincial Parliament (MPP), having first tested it himself by prompting ChatGPT to act as a mortgage broker — an instruction the chatbot followed without hesitation, immediately soliciting the user’s financial information.
“Somebody goes online this morning and starts typing in and has a 15-minute conversation with Claude or ChatGPT or DeepSeek, and they walk out of there thinking, now I know what I have to do, and they don’t know that they could be wrong,” White said.
His proposed remedy is what he calls “gating” AI — restricting tools to curated, verified data sources rather than the open internet.
Without that guardrail, he argues, systems designed to give users responses they find satisfying become a liability in a high-stakes financial environment.
“I think it goes back to the entire open AI model — their goal is to have an AI that gives you information that you find valuable and helpful, but it’s wanting to please you. Whereas a broker’s job is to give you information that’s grounded in reality,” he explained.
