Vesta raises $30 million to entrust AI agents with the bulk of the work involved in arranging mortgages

The start-up, whose turnover has increased twelvefold in a year, automates the process of granting mortgages using networks of agents. Three of its clients, including Pennymac, are taking a stake in the company.

Vesta, a software company for real estate lenders, announced on October 8 that it had raised $30 million led by Conversion Capital, along with Citi Ventures, Andreessen Horowitz and three of its own clients, including Pennymac and New American Funding. The company, founded in 2020 by Mike Yu and Devon Yang, has raised a total of $85 million and claims revenue growth of 12x year-on-year, for a market share of still less than 5%.

Agents who investigate the files

In the United States, it takes about 40 days to complete a mortgage and costs nearly $11,000 per file, especially in human time. Vesta offers to deploy swarms of agents on the origination stages: customers usually start with systematic human validation, then let the agent process a portion of the loans alone. Some already use it for underwriting decisions, with the responsibility remaining with the lender; every action and reasoning is logged for auditing.

The CEO attributes this jump in autonomy to recent advances in models, citing Claude Sonnet 4.5 as the turning point that made long, multi-step tasks reliable. Vesta is also preparing a personal assistant for brokers and is competing with both legacy systems like ICE Mortgage Technology and AI-powered competitors like Xpanse.