Newrez backs HomeVision to develop AI underwriting technology

"The tech company already provides the mortgage industry with an AI-powered collateral underwriting tool known as MIRA, which Newrez has been using for the past six months. The technology reads documents and makes decisions on standardized tasks, allowing underwriters to focus on exceptions and more complex elements of each loan file. Their investment accelerates our ability to expand beyond collateral review and deliver more intelligent, scalable underwriting solutions across the mortgage origination process, Foster said in a statement."

"Under the new partnership, the companies plan to extend the platform to additional underwriting components including income, assets and credit. The goal is to reduce origination costs, improve accuracy and deliver faster underwriting decisions for borrowers. Baron Silverstein, president of Newrez, said in an interview with HousingWire that the technology will be designed to help lenders better navigate mortgage market volatility. The expectation is that it's going to have significant benefits for us not only to make our existing team members more efficient but also to provide flexible capacity."

"The new platform is expected to begin rolling out in 2026, with HomeVision delivering additional tools over the next 18 months. Silverstein said the platform will initially focus on more standardized, commoditized mortgages before expanding into more complex products, including loans in the nonqualified mortgage (non-QM) market. At Newrez, the technology will first be deployed in direct lending channels retail branches and call centers before expanding into the wholesale and correspondent channels."

HomeVision, led by co-founder Jeff Foster, provides MIRA, an AI-powered collateral underwriting tool that Newrez has used for six months. The technology reads documents and automates standardized decisions so underwriters can focus on exceptions and complex loan elements. Under a new partnership, the platform will expand into underwriting of income, assets and credit to reduce origination costs, improve accuracy and speed borrower decisions. Newrez plans initial deployment in retail branches and call centers, later moving into wholesale and correspondent channels. Deployment begins in 2026 with additional tools over 18 months, and human underwriters remain integral.

Read at www.housingwire.com