Agentic AI mortgage technology startup Tidalwave is leveraging integrations with mortgage giants Fannie Mae and Freddie Mac and ICE Mortgage Technology to grow its stable of clients — which now include mortgage brokers, following a deal with NEXA Mortgage.
Tidalwave says its flagship product, SOLO, is an AI-powered point of sale (POS) system that offers “hallucination-free” communication to help borrowers through the application process while eliminating redundant tasks for loan originators.
Tidalwave rolled out integrations with Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Product Advisor last year, then made its AI technology available to most lenders in March through integration with ICE’s Encompass digital lending platform.
Lenders First Colony Mortgage Corp. and Mortgage Solutions of Colorado LLC signed up to use Tidalwave’s SOLO POS system in May. Pleasant Grove, Utah-based First Colony sponsors 142 mortgage loan originators, while Mortgage Solutions has 160 originators, according to records maintained by the Nationwide Mortgage Licensing System (NMLS).
Tidalwave announced its biggest win to date on Tuesday — Chandler, Arizona-based NEXA Mortgage.
NEXA Mortgage sponsors 3,224 mortgage loan officers working out of 251 branch offices serving 48 states and Washington, D.C. — everywhere but Massachusetts and New York, according to NMLS records.
“This is the first time a national mortgage broker is equipping thousands of loan officers with AI automation at this scale,” a Tidalwave spokesperson told Inman in a statement.
Tidalwave claims SOLO will help NEXA Mortgage’s loan brokers automate up to 70 percent of daily tasks including document collection, compliance checks, and income verification. SOLO is integrated with Plaid, Argyle, and Truv to generate instant income, employment, and asset verification.
“By eliminating repetitive tasks, we’re freeing our loan officers to focus on what they do best: being influencers who build relationships and help families achieve their homeownership dreams,” NEXA Mortgage Executive Partner Jason duPont said in a statement.
Agentic AI goes a step beyond generative AI, in that it’s touted as being capable of taking on complex assignments that once would have required a human assistant.
The nation’s biggest mortgage lender, United Wholesale Mortgage (UWM), started using Google Cloud’s Gemini AI model last year to assist in taking and underwriting loan applications. Gemini went “agentic” in December with the launch of version 2.0, and has since rolled out version 2.5.
UWM’s rival Rocket Companies is deploying scalable AI across its entire fintech platform. The company is counting on technology-driven efficiencies to boost its market share and capitalizes on its July 1 acquisition of real estate brokerage Redfin and a pending merger with Mr. Cooper, the nation’s biggest loan servicer.
Tidalwave is partnered with Bevri.ai, an independent AI solutions provider, to deliver “comprehensive mortgage automation to the brokerage industry.”
Bevri.ai says it’s in the process of developing AI solutions for the real estate industry, including intelligent property analysis, market insights, transaction management and client relationship automation.
John Stephenson
To speed adoption of its AI tools, Tidalwave last month announced it had hired former ICE Mortgage Technology John Stephenson as head of sales, and nCino veteran Frank Pastirchak as an account executive.
Tidalwave Chief Revenue Officer Chris McLendon, who joined the company in February, is a veteran of ICE Mortgage Technology, Ellie Mae and Black Knight Financial Services.
Diane Yu
“Attracting mortgage industry veterans like John, Frank, and Chris demonstrates the strength of our vision and the progress we are making,” Tidalwave co-founder and CEO Diane Yu said, in a statement. “Their decision to join Tidalwave reflects our commitment to building a modern, AI-first mortgage platform that addresses the real needs of lenders and borrowers.”
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