Firstsource Solutions rises 10% on deal to build language model for U.S mortgage business

Firstsource Solutions shares have had a stellar year, rising 84 percent since the beginning of 2024.

Shares of Firstsource Solutions jumped 10 percent to Rs 344 in the morning trade on October 23  after the company announced plans to build a domain-centric large language model (LLM) specifically for the U.S. mortgage sector.

This move, under its Firstsource relAI suite, aims to leverage its expertise in the mortgage process, enhancing services with AI-driven capabilities like credit assessments, loan quality checks, and document digitization.

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The LLM shortens the time for pre-qualification and formal loan applications, offering a smooth, digital end-to-end experience for loan processing. It combines the ease of self-service with the personalized support of a loan officer, ensuring efficiency throughout.

Equipped with features such as classification, extraction, recommendations, and summarization, the LLM will assist in credit assessments, loan quality checks, mortgage document digitization, risk assessment, and more. It will also enhance loan receivables management and automate processes while accelerating the creation of AI co-pilots and agentic workflows.

"Generative AI is transforming both our business and our clients’ operations and the mortgage is a critical domain for us, and we are uniquely positioned to capture the opportunity with the interplay of domain knowledge and technology," Ritesh Idnani, Managing Director & Chief Executive Officer at Firstsource, said.

A global business process services partner, Firstsource Solutions offers solutions across the customer lifecycle in industries such as Healthcare, Banking and Financial Services, Communications, Media, and Technology. The company has a presence in the US, UK, India, Mexico, Australia, South Africa, and the Philippines.

At about 11:36 am, shares of the company were trading at Rs 340, higher by 8.6 percent from the last close on the NSE. Firstsource Solutions shares have had a stellar year, rising 84 percent since the beginning of 2024.

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