Mortgage Underwriting Automation For 20x Faster Results

No. We need approximately eight weeks to customize and integrate AI Agents with your systems.

We will need to discuss your current underwriting processes and desired outcomes. We will also need a minimum of 10 sample documents/data you want us to train the AI Agents on.

Yes, underwriting can be done by AI. Artificial intelligence mimics human intelligence. This allows AI Agents to make decisions the same way as humans do—by considering hundreds of data points, adapting to different circumstances, and tailoring loan decisions to different applicants and market conditions.

Our AI Agents are based on Generative AI or, more specifically, large language models (LLMs). LLMs leverage natural language processing and machine learning to automate knowledge-based tasks, which leads to two major advantages:

- LLMs can understand human language. Most tech solutions can only “read” numbers; LLM-powered AI Agents can read text written in normal human language. This increases their accuracy, efficiency, and versatility.
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- LLMs can learn from data. They are autonomous learners; they continuously learn from data and improve their performance with no human intervention.

LLMs can also be easily retrained on new data and tasks if your needs change over time, making scaling easier than ever.

Automated underwriting is quicker and more cost-efficient than manual underwriting, further leading to increased employee and customer satisfaction.

On average, our clients achieve an 80% cost reduction and a 20x faster time-to-decision. Keeping human experts in the loop helps ensure accuracy, but automation gives them a valuable, significant head start.

In short, Generative AI allows for more sophisticated automation than robotic process automation (RPA):

- RPA focuses on automating repetitive, rule-based tasks. It is well-suited for structured processes that follow predefined rules, but not for processes that require autonomous decision-making and high adaptability. Generative AI is a much better choice here, as it can perform complex tasks based on patterns and examples – instead of needing predefined rules.

- RPA typically requires explicit instructions and manual configuration to automate specific tasks. Generative AI learns from new data and can adapt to new tasks more easily.

- When it comes to mortgage underwriting, RPA can automate repetitive tasks like data entry or document extraction. However, it can’t interpret that data, transform it into human language, or make decisions. Generative AI can perform all of those tasks - both high - and low-level.

Yes, we also have AI Agents for automated insurance underwriting. Find more details here.