Contribution: Industrial Research Assistance Program – Contributions to Firms
Worthit Management Inc.
$49,010.00
AI Integration for Mortgage Appraisal Tool
FY 2024-25 · 2024-08-26
Summary
To build a real estate appraisal tool that assists Canadian mortgage underwriters assess risk during the mortgage underwriting process. The tool will utilize artificial intelligence (AI) to quickly interpret risks with optimal accuracy thereby reducing processing time, costs, and risk for financial institutions, banks, and credit unions.
Department
Program
Industrial Research Assistance Program – Contributions to FirmsIndustrial Research Assistance Program-Contributions to Firms (linked with high confidence)
Recipient
Location
Kelowna|Kelowna, British Columbia, Canada
Recipient Type
For-profit organization
Business Number
785712134
Type
Contribution
Source
Proactive Disclosure - Grants and Contributions
As published
Agreement End Date
2025-03-28
Agreement Number
1022176
Agreement Start Date
2024-08-26
Agreement Title
AI Integration for Mortgage Appraisal Tool
Agreement Title (French)
Intégration de l’IA dans l’outil d’évaluation hypothécaire
Agreement Type
Contribution
Agreement Value
$49,010.00
Amendment Number
0
Coverage
IRAP Contributions to Firms projects stimulate wealth creation for Canada through technological innovation. | Les projets des Contributions aux entreprises stimulent la création de richesse au Canada grâce à l’innovation technologique.
Description
To build a real estate appraisal tool that assists Canadian mortgage underwriters assess risk during the mortgage underwriting process. The tool will utilize artificial intelligence (AI) to quickly interpret risks with optimal accuracy thereby reducing processing time, costs, and risk for financial institutions, banks, and credit unions.
Description (French)
Construire un outil d’évaluation immobilière qui aide les souscripteurs de prêts hypothécaires canadiens à évaluer les risques au cours du processus de souscription des prêts hypothécaires. L’outil utilisera l’intelligence artificielle (IA) pour interpréter rapidement les risques avec une précision optimale, réduisant ainsi le temps de traitement, les coûts et les risques pour les institutions financières, les banques et les coopératives de crédit.
Expected Results
The purpose of IRAP Contributions to Firms is to support research, development, adoption and/or adaptation of innovative or technology-driven new or improved products, services or processes in Canada up to their commercialization
Expected Results (French)
Le PARI, par le biais des Contributions aux entreprises, vise à appuyer la recherche, le développement, l’adaptation et/ou l’adoption au Canada de produits, de services ou de processus novateurs ou axés sur des technologies nouvelles ou améliorées, et ce jusqu’à leur commercialisation
Federal Riding
Kelowna--Lake Country
Federal Riding (French)
Kelowna--Lake Country
Federal Riding Number
59014
NAICS Code
511211
Organization Code
nrc-cnrc
Organization
National Research Council Canada | Conseil national de recherches Canada
Program Name
Industrial Research Assistance Program – Contributions to Firms
Program Name (French)
Programme d’aide à la recherche industrielle – Contributions aux entreprises
Program Purpose
The purpose of IRAP Contributions to Firms is to support research, development, adoption and/or adaptation of innovative or technology-driven new or improved products, services or processes in Canada up to their commercialization
Program Purpose (French)
Le PARI, par le biais des Contributions aux entreprises, vise à appuyer la recherche, le développement, l’adaptation et/ou l’adoption au Canada de produits, de services ou de processus novateurs ou axés sur des technologies nouvelles ou améliorées, et ce jusqu’à leur commercialisation
Recipient Business Number
785712134
Recipient City
Kelowna|Kelowna
Recipient Country
CA
Recipient Legal Name
Worthit Management Inc.
Recipient Operating Name
Worthit
Recipient Postal Code
V1V 2B7
Recipient Province or Territory
BC
Recipient Type
F
Reference Number
172-2024-2025-Q2-1022176
