AI-powered mortgage platform eliminates biases and streamlines the application process
The conversation around AI in mortgage lending has historically been tinged with concerns about potential biases, particularly those that might inadvertently affect applicants based on race or financial background.
Angel Ai, however, is designed to transcend these challenges. Developed by Celligence International in partnership with Sun West Mortgage, Angel Ai sets new standards for fairness and efficiency in loan processing.
The AI-driven platform is “trained on actual government regulations” related to anti-discrimination, ensuring compliance with the guidelines for agency and FHA products.
Angel Ai’s design intentionally avoids adding biases that might filter out applicants based on lower credit scores or the need for down payment assistance, Sun West Mortgage CEO Pavan Agarwal told MPA in an exclusive interview.
Agarwal further explained that the challenge in traditional lending isn’t rooted in a widespread bias but in the economic implications of processing complex applications, which typically require additional manpower and time. AI significantly reduces the workforce needed, making processing these applications faster and more cost-effective.
After over a decade of data collection and engineering, Sun West launched the world’s first automated underwriting engine for reverse mortgages in 2006. By mid-2018, it rolled out Angel Ai internally, before deploying to the broader marketplace in the fall of 2020.
Read more: How to put AI to work for better loan processing
Since its launch, Angel Ai has proven its effectiveness and scalability, with a significant increase in applications processed and accounts created. The platform’s user base expanded from just six accounts in the October-November 2022 period to over 5,000 in the same timeframe in 2023.
Despite its technological sophistication, Angel Ai operates with crucial human oversight. This balance is illustrated in the story of a traveling nurse who faced loan rejections due to her unique employment history. The AI platform quickly processed her application and granted approval in mere hours, a task that would have been time-consuming for human agents.
“The more complicated the situation, the more likely they don’t want to do it. Nobody took the loan because it was a lot of work,” Agarwal said. “Angel Ai can take the judgment out of the human.”
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