Key facts
- AZP's Trust Platform assesses companies on 11 categories including governance, AI controls, information security, and mortgage compliance.
- Gateless Smart Underwrite received Platinum certification, meeting a 95-point threshold with a score of 98.
- The certification process evaluates AI underwriting solutions for accuracy, operational controls, and accountability.
- AZP's coverage for Gateless is provided through Munich Re on a Lloyd's of London policy.
- Independent third-party validation is crucial for lenders to trust AI underwriting solutions and accelerate adoption.
AZP and Gateless are collaborating to address the growing need for trust and accountability in AI-driven mortgage underwriting. The AZP Trust Platform offers independent certification, performance monitoring, and insurance protection to lenders evaluating AI solutions. Gateless Smart Underwrite has achieved the highest Platinum certification level, demonstrating its accuracy, operational controls, and accountability.
Arthur Prieston of AZP explained that the Trust Platform was developed because lenders require a credible method to assess technology with significant financial consequences. With 40 years of mortgage risk experience and having insured millions of loans, AZP's perspective is unique. The platform assesses companies across 11 categories, including governance, AI controls, information security, and mortgage compliance, focusing on traceability and accountability.
Rick Lang of Gateless highlighted that while certifications like ISO evaluate operational integrity, the application of AI in the mortgage industry introduces a unique layer of scrutiny. Independent validation from a third party like AZP builds crucial trust for lenders, mitigating adoption risk. AZP has been insuring Gateless for 18 months, covering over 230,000 loans without any claims, and Gateless achieved a score of 98 out of 100 on AZP's 95-point threshold.
Prieston noted that this partnership aims to provide lenders with accuracy and comfort, backed by insurance protection from Munich Re on a Lloyd's of London policy. This approach offers an alternative to lengthy pilot programs, allowing for dynamic information exchange to manage evolving AI risks.