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[$$] Mortgage Providers Look to AI to Process Home Loans Faster

The home loan industry is looking to artificial intelligence to shorten the wait times for a mortgage approval, from a month or more to a tolerable week or two. Inc., a major player in home loans, started offering an AI option to its 3,000 customers—banks and other lenders—to speed-read mortgage applications for accuracy and completeness. Ellie Mae, a Pleasanton-based software and services company that processes about 40% of all U.S. home mortgage applications, selected an AI technology developed by Wakefield, Mass.-based home loan data automation outfit AI Foundry.