Let’s talk about the intersection of AI and mortgage lending with Michael Vandi, the 24-year-old CEO of Addy AI. Michael shares insights into how his company is revolutionizing the mortgage process for real estate lenders by using AI to automate document review, compliance checks, and borrower follow-ups, speeding up what traditionally takes weeks down to mere days. He explains how Addy AI’s technology integrates seamlessly with lenders, helping them manage everything from initial credit checks to complex income and document verifications, making it faster and more efficient for loan officers to close deals. Michael also discusses the challenges of building a specialized AI solution for a heavily regulated industry, tackling issues like AI “hallucination,” and the future possibilities of integrating broader financial data to improve deal analysis and investment decision-making.

Guest Bio:

Michael Vandi is a visionary tech entrepreneur with a unique global perspective on the mortgage industry. Originally from West Africa, where homeownership practices are traditionally informal, Michael moved to the U.S. and was struck by the outdated technology in American mortgage processes. After earning a Master’s degree in Software Engineering and AI from Carnegie Mellon University, he co-founded Addy AI, a cutting-edge platform that leverages AI to streamline mortgage operations for lenders. Before founding Addy AI, Michael gained significant experience in enterprise AI at Amazon Web Services. His company is already recognized by Carnegie Mellon, GitHub, and the Silicon Valley Leadership Group, and Addy AI has been instrumental in saving top lenders hundreds of hours in loan processing.

Chapters:

[00:01:05] Introduction to Addy AI and the Mortgage Lending Space Michael explains how Addy AI uses AI-driven automation to streamline the loan application process for lenders.

[00:02:22] Who Uses Addy AI? Clarification on the platform’s primary users—loan officers and lenders—and how they benefit from AI integration.

[00:03:18] How Addy AI’s AI Automates Loan Scenarios Detailed breakdown of how Addy AI evaluates loan applications and credit policies using specialized AI models.

[00:06:00] Analyzing Residential vs. Commercial Loans Differences in Addy AI’s approach to residential and commercial loan underwriting.

[00:08:32] Tackling AI Hallucination and Model Training Michael discusses challenges with AI accuracy and how Addy AI trains models to avoid errors in mortgage processing.

[00:13:03] Leveraging Custom AI Models Insights into training specialized models for consistent and reliable outputs in real estate lending.

[00:14:46] Benefits for Real Estate Professionals How real estate investors and developers can use Addy AI’s free directory tool to connect with lenders and secure financing.

[00:17:33] Future of Addy AI and Expansion Plans
Michael’s thoughts on potential expansions of Addy AI’s capabilities beyond mortgage lending to serve wider real estate needs.

[00:18:24] Navigating the Lending Market Challenges Discussion on the challenges in the real estate lending landscape, particularly with rising interest rates and the role of AI.

[00:20:26] AI in Real Estate: Long-Term Vision and Impact Michael’s long-term vision for AI in the real estate industry, predicting an influx of investment and competition.

[00:22:31] Preparing for Market Shifts

How real estate developers can prepare for the anticipated market boom as interest rates stabilize.

Contact Information:

To learn more about Addy AI or connect with Michael Vandi, visit Addy AI’s website.

You can also connect with Michael directly on LinkedIn: https://www.linkedin.com/in/michael-vandi/

To connect with Eugene Gershman, please visit https://giscompanies.co/podcast/