TD’s AI Just Made Mortgage Waiting Obsolete

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TD Bank Group, the sixth largest bank in North America by assets, significantly reduced its mortgage application review time from 15 hours to under three minutes through the implementation of its first agentic AI model.
The AI system, developed by TD’s internal AI research and development center, Layer 6, processes borrower documents, validates financial data, and performs various checks before human underwriters review the files.
TD aims to introduce agentic AI in every stage of the mortgage and home equity line of credit journey, with ambitions to derive $1 billion in annual value from AI by 2025, split evenly between cost savings and revenue improvement.
The bank’s responsible AI program, overseen by the Trustworthy AI team, ensures privacy, security, fairness, accountability, and explainability in AI model deployments.
TD is under pressure to regain client mortgages held by rivals and leverages AI-driven speed as a key competitive strategy.
The potential risks of AI underwriting errors, such as mismatched payroll data, are mitigated by the AI model’s discrepancy detection features, which ensure human review before any decisions are finalized.

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