Digital banking service provider Finastra is launching an agentic AI tool to help mortgage lenders increase accuracy and efficiency in originations. 

The tool, which will be added to Finastra’s existing loan origination system called Mortgagebot, will assist originators through the application lifecycle, including document processing and customer engagement, Andrew Bateman, executive vice president for lending at Finastra, told FinAi News. 

Agentic AI will help originators identify abnormalities that require clarification during the application and submission process, a spokesperson from Finastra told FinAi News. These tools build on Mortgagebot’s automation framework and reflect Finastra’s strategy to embed advanced AI across its lending solutions.

Over time, Finastra plans to deploy multiple agents to assist originators with additional functions, from documentation to KYC and loan servicing, Bateman said, adding that Finastra aims to build agents that can talk to each other for higher efficiency. 

The agentic AI capabilities are expected to be released to pilot customers by the end of the fourth quarter, the spokesperson said. 

“This solution is built using the Microsoft Azure AI model catalog, enabling intelligent automation, improved borrower engagement and greater operational efficiency across the mortgage lending lifecycle,” the spokesperson said. 

The cloud-based Mortgagebot can aid originators in documentation, risk management and analytics of the existing loan book to evaluate loan performance, Bateman said. 

The tool can deliver up to 20% faster application completion times and reduce overall origination cycle time by approximately 20%, the spokesperson said. 

“With automated preapprovals, streamlined data pulls and integration with 100-plus third-party services, lenders can accelerate workflows, increase processing capacity and enhance the borrower experience while scaling operations more efficiently,” the spokesperson said. 

Dearborn Federal Credit Union and Hoyne Saving Bank are among Finastra’s clients use the current iteration of Mortgagebot, according to the company.

Read more coverage from FinAi Banking Summit here. Register for the upcoming FinAi Lending Summit, set for Oct. 7-8 in Las Vegas, here.