Figure introduced a "stare and compare killer" which will address time-consuming tasks such as document reviews. The tool is built on OpenAI's GPT, just like many other generative AI tools used by mortgage stakeholders.

Its document review tool and previously launched chatbot are expected to remove more than $8 million in costs associated with loan origination, the company claims.

In a press release, the fintech company notes document reviews for loan processors and originators means "staring at reams of side-to-side loan documents and data," which can often result in human errors, bias and loan processing bottlenecks. 

The "stare and compare" tool, which incorporates more than six years of origination data, is set to change this for Figure's lending partners and customers. 

Thus far the tool has led to a 93% improvement in manual upfront document review labor, shaving high costs associated with progressing loans, Figure claims. 

The company's "growing generative AI investment is a prime example of how [Figure is] building a technology platform…to reduce costs and provide value to lenders and consumers alike," said Nicole Beaulieu, chief technology officer at Figure, in a press release Monday.

"We've yet to find a lender who doesn't want to reduce bias, lower costs, and eliminate manual work or isn't eager to improve accuracy and customer and employee satisfaction. Now, thanks to AI, a technology leader like Figure is even more well positioned to help lenders solve these big pain points," she added.

Figure, which has hopes of going public in the near future, has built out an ecosystem that streamlines the origination of home equity loans. Its platform currently has more than 120 lending partners, said Michael Tannenbuam, Chief Executive Officer of Figure.

According to Figure, its software has been used to originate more than $11 billion of HELOC loans making it the largest non-bank provider in this space.

"We consider our AI our lending partners' AI, so we designed it with them in mind – for their own funnels, processes, and customers," Tannenbuam added in a written statement. "Bigger picture, by lowering loan processing costs, we're lowering our product costs and thereby housing costs broadly."