After serving as chief technology officer of mortgage disruptor Better.com, Diane Yu saw the problems both customers and lenders face when going through the mortgage application process. Despite the rise of digitization, the average mortgage file is 500 pages long, takes the average lender 45 days to review, and costs $10,000 to originate one single loan. The advent of ChatGPT led to her creating TidalWave, a financial technology SaaS that has built the first-ever generative AI application for mortgages, dramatically reducing the staffing need for lenders while reducing costs and time to close.
TidalWave’s AI tool, SOLO, is disrupting the mortgage application space with integrations with automated underwriting system (AUS) from Fannie Mae’s Desktop Underwriter (DU) and Freddie Mac’s Loan Product Advisor (LPA). Dual-automated underwriting system (AUS) submission is a pivotal component in the mortgage lending process, allowing lenders to simultaneously consult Fannie Mae’s Desktop Underwriter (DU) and Freddie Mac’s Loan Product Advisor (LPA) for loan data validation and document requirements. This integration within TidalWave’s SOLO provides lenders with real-time access to information to help streamline their loan risk assessment and approval processes.
Thanks to Yu, TidalWave’s integrations with Fannie Mae and Freddie Mac are a game-changer in the mortgage lending space, enabling lenders to access real-time data from both Fannie Mae’s DU and Freddie Mac’s LPA for streamlined loan risk assessment and approval processes. With TidalWave’s SOLO, lenders can now efficiently validate loan data and document requirements, making the entire lending process faster and more accurate.
Name:
Diane Yu
Title:
Co-founder
Company Name:
TidalWave.ai
