MPowered Mortgages has achieved its fastest automated mortgage offer, delivering a fully underwritten offer in 15 minutes, the company says.
The prime residential mortgage lender uses AI to speed up the mortgage journey for borrowers.
Its research suggests the average application to offer time among UK lenders is approximately 17 days.* Through its Origo platform, MPowered can now fully automate the process, eliminating human underwriters from simple cases. This enables the platform to achieve 80% of offers within 24 hours and 20% within just two hours, the company says.
The lender’s mortgage application system uses big data, sophisticated language models and machine learning to assess data and customer documents in real-time. This reduces the back and forth between lenders and brokers, facilitating a speedy underwriting process.
Further platform efficiencies have enabled the automation of even more elements, such as document checking and credit commitments.
Stuart Cheetham, CEO of MPowered Mortgages and MQube, said: “Our goal is to make the mortgage journey better for everyone, by speeding up the mortgage offer process, bringing certainty to borrowers faster.
“It is proven that the platform can bring great efficiencies to the way lenders across the nation generate mortgage offers. If used at scale, we believe this platform could genuinely revolutionise the process of getting a mortgage, leading to better service and better customer outcomes.”
Mallory Financial was the brokerage that delivered the 15-minute mortgage offer to a client.
Jayne Knight, broker at Mallory Financial says: “We almost can’t believe just how smooth and quick the app to offer went for this particular customer. Not only was it a stress- and hassle-free process for us, but the customer was absolutely thrilled and genuinely shocked to have received a concrete offer so quickly.”
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