TrueRate by Tomo Mortgage Qorus-Infosys Finacle Banking Innovation Awards 2025
United StatesCategory
Product and Service InnovationKeyword
AI & Generative AI, Data, Mortgage, Real Estate
Innovation presentation
Most homebuyers don’t know if the mortgage rate they’re being offered is fair—and four out of five overpay. In 2025 alone, that adds up to $11 billion lost to inflated rates, hidden fees, and lender markups.
TrueRate was built to fix that. It uses AI to calculate a buyer’s “true rate”—the rate they should be getting—based on their specific loan details (FICO, down payment, loan type, rate lock timing, discount points). It compares this against real market pricing to surface lenders who offer fair deals, and flags those who don’t.
The tool was developed across Data Science, Capital Markets, Engineering, Legal, and Marketing, drawing from more than a decade of anonymized loan data and feedback from hundreds of buyers and loan officers. To validate the model, Tomo Mortgage benchmarked its median rates against the Freddie Mac average, achieving near-perfect alignment with a 0.032 bps margin of error.
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