TD Bank Just Cut Mortgage Paperwork From 15 Hours to 3 Minutes Using AI

If you’ve ever applied for a mortgage and wondered why it takes so darn long just to get to a yes or no, TD Bank thinks it has an answer. And it involves handing a big chunk of the paperwork to an AI.

The bank launched its first agentic AI model for mortgage and HELOC applications last week, built by its in-house AI lab called Layer 6. What difference did this make? What used to take a human underwriter around 15 hours to review now takes the AI less than three minutes.

Basically, agentic AI agents complete complex tasks for you from start to finish, saving you time. It’s the next step towards artificial general intelligence, one giant AI brain that knows everything and can do anything for you.

The AI handles the time-consuming pre-approval grunt work. It reads your documents, pulls out the important numbers, calculates income, and checks everything against the bank’s lending policies before packaging it all into a summary for a human underwriter to review. An employee still makes the final call, but they’re starting from a much cleaner starting point.

TD says the system also cuts down on errors, which matters both for the bank’s risk exposure and for applicants who’ve had files held up over avoidable mistakes.

“Agentic AI is enabling us to deliver what clients tell us matters most – speed and simplicity,” says Mohit Veoli, Senior Vice President, Real Estate Secured Lending at TD, in a statement. “By providing confident decisions earlier in the homebuying process, one of life’s milestone moments, we’re meeting our clients where they need us most, making the experience simpler and faster. This is just the beginning of how we’re using AI to evolve the mortgage experience and bring our promise of being more human to life.”

TD has mapped out every stage of the mortgage process from the moment you submit your first document to when the funds are released and wants an agentic AI running in each one. The bank has also set a target of hitting $1 billion in annual value from AI within the next few years, so expect this to move fast.