TD Launches Agentic AI to Improve Real Estate Secured Lending
The new autonomous AI model is part of an enterprise-wide AI strategy for the bank
- |
- Written by Banking Exchange staff
TD Bank Group (TD) has launched its first agentic AI model to automate the application process for mortgages and home equity lines of credit (HELOCs).
The launch is part of a broader strategy to use agentic AI for an end-to-end transformation of its real estate secured lending (RESL) operations.
Layer 6, TD's AI research and development center, developed the agentic AI model alongside its global technology & solutions, data, real estate & secured lending, and risk management teams.
The model automates the pre-adjudication process by generating application summary memos for underwriters.
"Agentic AI is enabling us to deliver what clients tell us matters most — speed and simplicity," says Mohit Veoli, senior vice president, real estate secured lending at TD.
"By providing confident decisions earlier in the homebuying process, we're meeting our clients where they need us most, making the experience simpler and faster. This is an early example of how we are applying AI to mortgage operations."
The autonomous agent creates application summary memos for underwriters by classifying client documents, extracting key information, calculating client income, and validating figures against selected policy requirements.
The agent also performs consent checks and searches for any discrepancies before generating the summary.
The bank said that using the agentic AI model has reduced the process from an average of 15 hours to an average of under three minutes. It also said the model provides more accurate results, reducing risk and the unit cost on adjudication.
"Agentic AI will put us in a position to deliver more accurate and faster results for our clients," said Luke Gee, chief analytics and AI officer at TD. "We're building a hybrid future where our colleagues and AI work together to help our clients get to a 'yes' faster on some of their most important decisions. We're going to approach our vision responsibly so that we maintain the trust of our clients and colleagues."
Tagged under Lending; Feature; Mortgage; Mortgage Credit; AI; Artificial Intelligence; Feature3; Residential; Real Estate;