FORT WASHINGTON, PA — Newrez LLC announced a strategic investment in HomeVision aimed at building what the companies call an industry-first, AI-powered mortgage underwriting solution designed to dramatically speed up loan decisions and reduce costs across the mortgage process.
The partnership seeks to expand the use of artificial intelligence beyond collateral review and into the remaining core pillars of underwriting: income, assets, and credit. By combining those components into a single, end-to-end platform, Newrez and HomeVision say they are positioning themselves at the forefront of next-generation mortgage origination.
Newrez already uses HomeVision’s MIRA collateral underwriting technology, which the lender says has doubled operational efficiency in its collateral review process. The expanded platform is expected to apply similar machine intelligence to all major loan documents, with the goal of delivering faster, more accurate underwriting decisions across multiple loan types.
“Today’s announcement underscores Newrez’s commitment to redefining the mortgage experience through strategic partnerships that advance innovation and set a new industry standard,” said Baron Silverstein, president of Newrez. He said the integration of Newrez’s origination expertise with HomeVision’s technology will accelerate progress toward real-time mortgage decisions while expanding capacity and lowering origination costs.
HomeVision’s flagship MIRA product uses advanced machine intelligence to read and interpret loan documents and make underwriting determinations. While the technology was initially focused on collateral underwriting and quality control, the deeper collaboration with Newrez is expected to broaden its application across the full underwriting lifecycle.
“We are thrilled to deepen our relationship with Newrez as a partner to advance our mission to build the industry’s leading AI-enabled underwriting platform,” said Jeff Foster, chief executive officer and co-founder of HomeVision. He said the investment will speed development of scalable underwriting tools that extend well beyond collateral review.
Newrez said it expects to begin rolling out the expanded AI-powered underwriting technology as early as this year. Financial terms of the investment were not disclosed.
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