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The first AI mortgage lender
Chestnut is the first AI mortgage lender. We automate 99% of human work with AI agents, saving customers 0.5%+ in interest. This is Spencer's second mortgage startup; the first processes 2% of US mortgages annually. So far, Chestnut is licensed in Texas and Colorado where we power purchases, refinances, cash-outs, and more.
Chestnut is an AI-powered mortgage lender that aims to provide personalized mortgage options with lower rates and a faster, largely online process. It emphasizes AI-driven processing to reduce costs and a dedicated human loan expert for each borrower, with no phone calls required.
Users obtain personalized mortgage rates online within minutes without a credit check, compare multiple loan options side-by-side, and apply through Chestnut's online workflow. The platform uses AI to handle manual processing tasks to lower costs, enabling approximate rate savings of ~0.5% and faster closings (2-3 weeks). Each borrower is supported by a dedicated loan expert available via text, email, or phone, rather than a call center.
Who it’s for: Homebuyers and borrowers seeking mortgage financing (purchase, refinance, cash-out, HELOC) who want quick rate quotes, online application, and human support without phone-based calls.
mentions of 5.0 rating, significant loan volume (~$85B+), recruitment of staff within a mortgage-focused operation, and a structured digital mortgage process suggest growth traction and hiring activity.
Repeat founder building the first AI mortgage lender. My last startup built a system of record for mortgage lending that powered 2% of US mortgages annually. During that time, I saw firsthand how inefficient traditional lenders are – and realized I should compete with them directly. I started coding at age 12, founded my first company at 16, and was an early engineer at six other seed- and A-stage startups.
Save 0.5%+ in interest with the first AI mortgage lender
Chestnut builds an AI-driven mortgage lender that uses AI loan officers and agents to shop rates across 100+ lenders, automate origination, and notify clients of rate drops. It currently operates in Texas and Colorado, helping with home purchases, refinances, and home equity products, with a claim of saving 0.5%+ on interest.
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