Tampa-based AI mortgage platform surpasses $5B in loans

Toorak Capital Partners, a Tampa mortgage company, recently announced its AI-powered platform surpassed a significant milestone of completing $5 billion worth of loans. 

The platform, Toorak Connects, was launched in 2022 and has processed more than 11,000 loans. It has saved the company 57,000 of review time and thousands of reams of papers, according to a released statement. Time was saved using dataset models and automating portions of the loan underwriting process, the company says. 

“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%, all while prioritizing our in-depth credit review process,” says Sachin Venugopal, chief technology officer at Toorak in a release. “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.”