Newrez has invested in mortgage technology firm HomeVision and is partnering with the company to develop an artificial intelligence (AI)-powered underwriting platform for the mortgage industry, the companies announced Wednesday.

The deal marks the first time Newrez — which is owned by asset manager Rithm Capital — has made a direct investment in a technology company. The move comes as the multichannel lender adds partnerships amid rapid adoption of AI tools across the mortgage industry. Financial terms were not disclosed.

HomeVision is led by co-founder Jeff Foster, who previously worked for Credit Suisse, Apollo details ⇒