Toorak Capital Partners – a tech-enabled investment manager of business purpose mortgage loans – announced that its AI and machine-learning (ML) powered loan review system Toorak Connect has completed $5 billion in facilitated loans.
Toorak Connect offers an enhanced dataset produced via Toorak’s proprietary loan risk scoring model, resulting in improved credit decision-making through a more rigorous and detailed review process. Simultaneously, automation of significant portions of the loan underwriting process enables more efficient, reliable, and transparent loan review and funding, gives complete transparency into the review and approval process, and improves the overall customer experience.
Since the proprietary platform launched in 2022, over 11,000 loans have flowed through Toorak Connect, saving the company over 57,000 hours of review time and thousands of reams of paper. Toorak funds the loans that real estate investors use to rehabilitate, reposition, or renovate housing stock in the U.S. and U.K.
Toorak’s Connect AI Engine utilizes advanced machine learning algorithms and natural language processing (NLP) to identify and split borrower-submitted documents to extract loan information. This reduces errors and vastly speeds up the review and decision process, saving an average of five hours per loan.
Plus, the automation framework facilitates intelligent underwriting, generating real-time exceptions and a dynamic missing document list; a predictive analytics-driven risk model optimizes the review process and enables accurate real-time pricing and risk scoring; and a scalable cloud-based architecture ensures seamless integration and enhanced operational efficiency across platforms.
KEY QUOTES:
“Working with approximately 250 loan originators and brokers, we have passed 1 million documents through our AI/ML document processing model and been able to reduce loan processing time by 80 percent, all while prioritizing our in-depth credit review process. We’re able to automate processes based on loan and customer characteristics, providing additional scrutiny to those that present higher risk, while simplifying the process for repeat customers and loans that have more standard characteristics.”
– Sachin Venugopal, Chief Technology Officer at Toorak
“Toorak has always looked for ways to streamline our processes while maintaining the highest levels of due diligence, as well as fostering a more efficient and transparent experience for our clients. Toorak Connect has already exceeded these goals and is now central to our efforts to deploy capital to replenish the nation’s housing stock.”
– John Beacham, Founder and CEO of Toorak Capital Partners
