MPowered Mortgages is now using artificial intelligence tools to speed up and simplify the mortgage application process for brokers and customers.
This is part of a series of platform enhancements to increase automation of this process. These enhancements include automated credit commitment checks, AI-driven ‘suggestions’ for applications, and automatic properly declines. MPowered Mortgages said this will reduce the need for manual underwriting on repetitive tasks, reducing the average application-to-offer time.
While keying an application brokers will now receive real-time AI-driven feedback to help in packaging applications prior to submission. An example of this is when an applicant cannot be found on the credit bureau at the keyed address, or if a bureau match has been found, but with no linked credit accounts. Providing these suggestions enables brokers to amend data prior to the case being passed to the underwriting team, reducing potential delays. Future applications of this technology could be used to flag declared expenditure that doesn’t match the spending shown on bank statements.
MPowered Mortgages has also made enhancements to its real-time underwriting technology to assess an applicant’s credit commitments . It says this has reduced underwriting time by up to 40 minutes per application. The new technology analyses declared credit commitments, to data extracted from uploaded bank statements and the credit bureau, ensuring underwriters get a more accurate picture of these commitments. This removes the need for underwriters to manually cross-reference information from different data sources.
MPowered Mortgages CEO Stuart Cheetham says: “Why should underwriting a mortgage take several weeks? The answer is it shouldn’t. We have automated our platform to speed up the application process through to offer by automating repetitive tasks, so our underwriters can focus their time on assessing risk.”
