Introduction

At LoanWell, we’re committed to revolutionizing lending with LoanWell AI, a suite of intelligent tools designed to transform how lending teams process applications and analyze documents. LoanWell AI’s modules – Detection, Verification, Insights, Synthesis, Qualification, and Underwriting – leverage the power of Artificial Intelligence from leading providers – Google, OpenAI, and Anthropic – to save critical time, create clear, automated, and policy-driven next steps, and ultimately enhance your lending operations. This policy outlines how we utilize AI, how we handle your data, and our unwavering commitment to protecting your information.

Data Retention and Processing

• Prompt & Response Retention: To support security monitoring, troubleshooting, and compliance obligations, we may retain prompts and AI-generated responses submitted through our AI modules in accordance with LoanWell’s documented data retention schedule and data security protocols. We limit retention to the minimum necessary, restrict access to authorized personnel, and delete or de-identify data when it is no longer needed for those purposes.
• Partner Data Handling: Our AI models are powered by Google, OpenAI, and Anthropic. All data transmitted between your interactions and these providers is subject to their security and privacy policies. We have robust contractual agreements ensuring their data handling practices align with our commitment. Most partner agreements include retention periods of 30 days or less.
• No Training or Re-use: We never use your prompts or any of the responses generated by our AI models for model training or re-training. Your data will never be stored by our providers for training or re-use.
• Internal Use Only: Any retained prompts and responses are used only for approved internal purposes such as security monitoring, maintaining service quality, troubleshooting, and improving our AI features, subject to access controls and audit logging. We do not use this data for marketing or advertising.
• Limited Logging: We engage in required logging activities with our enterprise providers, which are subject to their individual data processing agreements.

LoanWell Specific Considerations

• Document Categorization & Validation: The AI detects and categorizes documents (Tax Returns, Bank Statements, etc.). While we retain the instructions for these categorizations, the documents themselves are processed by our provider(s), subject to their retention policies.

• Fraud Assessment: The AI assesses fraud likelihood based on document analysis. We retain the AI's assessment along with the document data for our internal analysis.

• Insights & Analysis: The AI generates insights and analysis, intended to aid your final review, not replace it. Our insights often uncover details that our customers may overlook, providing a powerful assist in your decision-making process.

Review & Updates

This policy will be reviewed and updated periodically to reflect evolving best practices and regulatory requirements. We will notify you of any significant changes.

FAQs (LoanWell AI)

General AI Usage & LoanWell AI Functionality

• Q: What exactly does LoanWell AI do? A: LoanWell AI is a suite of intelligent tools designed to streamline your lending processes. It includes modules for document detection & validation, fraud assessment, risk analysis, holistic application summaries, policy-driven qualification & underwriting, saving you time and improving accuracy.
• Q: Is my data used to train the AI? A: Absolutely not. We have strict agreements with Google, OpenAI, and Anthropic that prevent our data from being used for model training or re-training.
• Q: How does the AI “learn” to identify fraud, for example? A: The AI learns through analyzing patterns in the data it processes – specifically, identifying anomalies and comparing data points against known fraud indicators. It's a sophisticated analysis, not learning from specific applications.
• Q: How does the Document Detection AI work? A: Our AI identifies and categorizes uploaded documents like Tax Returns and Bank Statements. The system analyzes the document content for key data points and confirms its category with you to ensure accuracy.

Data Handling & Retention

• Q: What happens to my prompts and AI responses when I use LoanWell AI? A: We may retain prompts and AI-generated responses in accordance with LoanWell’s data retention schedule and security protocols, for approved internal purposes such as security monitoring, troubleshooting, compliance, and product improvement.
• Q: How long do you keep prompts and responses? A: We retain them only as long as necessary for the purposes above and according to our documented retention schedule.
• Q: Do you share my documents with third parties? A: No. We do not share your documents with any third parties for marketing or advertising purposes. Our providers are bound by strict agreements to protect your data.
• Q: Who has access to my prompts? A: Access to your prompts is limited to authorized personnel within LoanWell involved in the maintenance, improvement, and security of our AI features – primarily our engineering and product teams.

LoanWell AI Module-Specific Questions

• Q: What is the LoanWell AI Detection module for? A: This module instantly identifies and categorizes all uploaded documents, validating them for correctness and completeness against your requirements.
• Q: What is the LoanWell AI Underwriting module for? A: This module evaluates applications and all submitted documents against your institution’s credit policy, generating a structured credit memo outlining strengths, weaknesses, mitigants, and key risk factors.
• Q: Can I rely on the insights generated by LoanWell AI? A: Our AI provides valuable insights designed to assist your final review. It’s intended as a powerful augmentation, not a replacement for your expert judgment. Often, the AI will highlight details you might overlook, providing a critical advantage.

Provider-Related Questions

• Q: Which providers are you using? A: We utilize AI models from Google, OpenAI, and Anthropic. You can find more information about their data handling practices on their respective websites.
• Q: How do you ensure the security of the data being processed by our providers? A: We have rigorous contractual agreements with all our providers that require them to adhere to the highest security standards. We continuously monitor their practices.

Legal & Compliance

Where can I find more information about your privacy practices? A: You can review our full Privacy Policy here: /privacy