TD AI Automates Mortgage Approvals, Cuts Time to Minutes

TD Bank Group has launched its first agentic AI model to automate the application process for mortgages and home equity lines of credit. This new autonomous AI model is part of an enterprise-wide AI strategy for the bank. Here's how it works: The model automates the pre-adjudication process by generating application summary memos for underwriters. It classifies client documents, extracts key information, calculates client income, and validates figures against policy requirements. The agent also performs consent checks and searches for discrepancies before creating the summary. What's interesting is the impact this has had. The bank reports that using this agentic AI model has reduced the process from an average of 15 hours to under three minutes. This also provides more accurate results, reducing risk and the unit cost on adjudication. TD's AI research and development center, Layer 6, developed this model. The bottom line is that this technology aims to make the homebuying experience simpler and faster for clients.