TORONTO—TD Bank Group said it has launched its first agentic artificial intelligence model for mortgage and home equity lending, a move the bank said is reducing parts of the mortgage review process from an average of 15 hours to less than three minutes.
The new AI system automates key pre-adjudication tasks by reviewing borrower documents, extracting and validating financial information, calculating income, performing consent and policy checks, identifying discrepancies and generating summary memos for underwriters before a human reviews the file. TD said the technology was developed by its Layer 6 AI research unit in partnership with lending, technology, data and risk-management teams.
According to TD, early testing showed the process could be completed in less than three minutes compared with roughly 15 hours previously, while also improving accuracy and lowering underwriting costs. Mohit Veoli, TD’s senior vice president of real estate secured lending, said the goal is to provide faster decisions earlier in the homebuying process, while Chief Analytics and AI Officer Luke Gee said the bank is pursuing a model in which employees and AI systems work together to speed lending decisions.
The mortgage initiative is the first deployment under TD’s broader agentic AI strategy, which executives have tied to a goal of generating $1 billion in annual value from artificial intelligence in coming years. The bank said it plans to expand the technology across additional stages of the mortgage process and into other business lines, while maintaining oversight through its Trustworthy AI governance program focused on privacy, security, fairness and accountability.