Friday Harbor, an artificial intelligence (AI)-powered platform that helps loan officers assemble complete and compliant loan files in real time, recently announced that its AI Originator Assistant now performs collateral analysis alongside credit, income and asset reviews, according to a release.
The enhancement enables lenders to underwrite appraisals and appraisal-related documents with the same precision and consistency the platform already delivers for other loan file components.
“The appraisal is one of the most subjective and time-consuming parts of underwriting,” Friday Harbor co-founder and CEO Theo Ellis said in the release. “By extending our AI Originator Assistant to collateral review, lenders can identify inconsistencies early, strengthen appraisal quality and ensure every loan aligns with agency standards before it reaches the underwriter.”
Friday Harbor’s appraisal review feature examines structured data, narrative commentary and visual content within appraisal reports to uncover potential risk factors ranging from missing or inconsistent details to property and market-level red flags.
In addition to confirming that data in the appraisal matches the loan application, the system evaluates market soundness by analyzing comparables and neighborhood trends, while also reviewing property condition through photos and sketches to flag potential concerns such as damage, infestation or mismatched room counts.
When discrepancies arise, the AI Originator Assistant provides resolution paths that guide originators and processors through the steps needed to resolve issues before they reach underwriting. The new feature supports full appraisals and automated valuation models with built-in checks against Fannie Mae and Freddie Mac guidelines.