Longbridge aims to modernize client and consumer interactions while keeping a human in the loop. A platform reviews borrower documentation and identifies potential issues, missing information, and underwriting conditions before loans reach formal underwriting. The goal is to prevent late-stage surprises that delay closings and frustrate borrowers. The approach builds on prior technology initiatives, including Bridget AI, an AI-powered underwriting assistant. Friday Harbor’s AI system analyzes loan documents and compares them against lending guidelines to help staff spot concerns earlier. The technology is designed to support processors, underwriters, and originators by surfacing issues upfront rather than replacing underwriters. Reverse mortgages face operational challenges due to fewer automated underwriting tools than forward mortgages.
"“We're really looking to bring significant modernization to the whole space in terms of how we think about interacting with our clients and consumers to really speed up the process, modernize the process, while at the same time really keeping that human in the loop,” said Bill Packer, chief operating officer of Longbridge."
"“The platform is designed to review borrower documentation and identify potential issues, missing information and underwriting conditions before a loan reaches the formal underwriting stage. Packer said the goal is to avoid late-stage surprises that can delay closings and frustrate borrowers. Nobody appreciates when they're five days before closing, and suddenly we discover an issue that we've known about for 45 days,” Packer said."
"“Rather than replacing underwriters, the technology is intended to support processors, underwriters and originators by surfacing issues upfront. Theo Ellis, co-founder and CEO of Friday Harbor, told RMD that the broader consumer benefit is often overlooked in conversations about AI adoption in mortgage lending. Everyone has that story about getting asked for a document or explanation at the last minute,” Ellis said."
"“If you can use AI to catch these things upfront, you create a much better borrower experience. Executives said reverse mortgages present unique operational challenges because the sector lacks some of the automated underwriting infrastructure available in the forward mortgage market, including tools such as Fannie Mae's Desktop Underwriter (DU) and Freddie Mac's Loan Product Ad,”"
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