Agentic AI Mortgage Startup Tidalwave Partners with First Colony Mortgage and Mortgage Solutions
Agentic AI Mortgage Startup Tidalwave Partners with First Colony Mortgage and Mortgage Solutions. News comes on the heels of Tidalwave's recent integration with Intercontinental Exchange (ICE) Mortgage Technology through the Encompass Partner Connect API.
Through these partnerships, First Colony Mortgage and Mortgage Solutions will integrate Tidalwave's AI-powered Point of Sale (POS) system to bring transformative benefits to their operations, including:
Immediate Pre-Approval: Tidalwave's integrations with Freddie Mac's Loan Product Advisor® (LPA℠) and Fannie Mae's Desktop Underwriter® (DU®) enables instant loan risk assessment, accelerating the approval process.
Task Automation for Loan Officers and Underwriters: By leveraging tools like Plaid, Argyle and TRUV, Tidalwave automates income validation, employment verification, and tax form transcription, freeing up loan officers to focus on closing more loans.
Cost Reduction Through Automation: With average loan origination costs exceeding $10,000 and lenders losing $645 per loan due to inefficiencies, Tidalwave's automation of manual tasks such as income verification and compliance checks significantly lowers expenses.
AI Multilingual Support: Addressing language barriers faced by nearly 23% of Hispanic Americans in the mortgage process, Tidalwave's Spanish-language integration supports borrowers in their native language, reducing misunderstandings and the need for costly translators.
Tidalwave's AI-driven approach tackles longstanding inefficiencies in the mortgage industry, where the average file spans 500 pages and takes approximately 45 days to process. The reliance on disjointed tools often requires human intervention, leading to errors, delays, and financial losses for lenders. By automating underwriting and other manual tasks, Tidalwave's platform reduces processing times and costs, aligning with findings from Freddie Mac that digital tools can cut origination costs by $1,500, or 14%, while improving profitability.
Additionally, Tidalwave streamlines workflows by minimizing human involvement in repetitive tasks, enabling loan officers, processors, and underwriters to prioritize high-value activities and handle more files daily.
By partnering with forward-thinking lenders like First Colony Mortgage and Mortgage Solutions, Tidalwave extends its AI capabilities to a broader audience of mortgage seekers, revolutionizing the borrower experience and enhancing operational efficiency.
'For nearly 40 years, First Colony Mortgage has been committed to making homeownership accessible to more Americans,' said Corey Shelley, Owner and Chairman of First Colony Mortgage. 'Partnering with Tidalwave represents a bold step forward in that mission. We're embracing cutting-edge technology to stay ahead, and we're excited to showcase our tech-forward approach to grow our business, recruit top talent, and inspire other mortgage companies to innovate with us.'
Diane Yu, CEO and Co-founder of Tidalwave, added, 'We work with visionary lenders like First Colony Mortgage and Mortgage Solutions who are ready to unlearn outdated processes and embrace innovation. These partnerships are about building momentum-lenders are quickly adopting Tidalwave's solutions to redefine how mortgages are originated. We chose FCM for their respected leadership in Utah and their drive to push boundaries, with Corey becoming one of our strongest advocates. Similarly, Mortgage Solutions shares our commitment to efficiency and borrower satisfaction.'
This announcement builds on Tidalwave's recent integration with Intercontinental Exchange (ICE) Mortgage Technology through the Encompass Partner Connect API framework, which has expanded access to its AI tools across the industry. The partnerships with First Colony Mortgage and Mortgage Solutions represent a key milestone in Tidalwave's mission to simplify the mortgage journey with agentic AI, real-time borrower interaction, and seamless integrations with leading platforms like Fannie Mae's DU® and Freddie Mac's LPA.
'We are thrilled to partner with Tidalwave and integrate their cutting-edge AI technology into our mortgage processes,' said Robert Clennan, President, Mortgage Solutions. 'By leveraging Tidalwave's AI, we can offer real-time borrower engagement, automate repetitive tasks, and provide multilingual support, significantly streamlining operations for our loan officers and enhancing the experience for our customers. This integration is particularly impactful for VA loans, which we handle in large volumes and often involve added complexity. Tidalwave's AI will help simplify these intricate processes, ensuring greater efficiency and accuracy for our veteran clients.'
For more information, please visit https://www.tidalwave.com/.
About Tidalwave
Tidalwave is an agentic AI mortgage platform revolutionizing the industry by addressing high costs, lengthy timelines, and accessibility challenges. As the first generative AI application for mortgage seekers and lenders, it streamlines underwriting, reduces inefficiencies, and accelerates approvals. Its flagship product, SOLO™, integrates with Fannie Mae and Freddie Mac systems to handle pre-approvals and aims to cover the entire mortgage process. For more information, visit https://www.tidalwave.com/.
About First Colony Mortgage
First Colony Mortgage Corporation, founded in 1984, is one of the fastest-growing mortgage banks in the nation, offering comprehensive lending services through its expert team and extensive builder relationships. Based in Utah, FCM is committed to making homeownership accessible and sustainable. For more information, visit https://firstcolonymortgage.com/.
About Mortgage Solutions
Mortgage Solutions is a dedicated mortgage lender focused on delivering efficient and borrower-centric lending services. Committed to embracing innovative technologies, Mortgage Solutions aims to enhance the mortgage experience for clients and staff alike. For more information, visit https://mortgagesolutions.net/.
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