The AI agent is built around the motto of “stop typing and just send when applying for a mortgage” and aims to eliminate the need to manually enter data on UK lender portals.
Finova says its AI agent solves the current need for brokers to re-enter customer information across multiple portals as part of the mortgage application process by retrieving information through fact searches and feeding it into lender portals.
According to Finova data, brokers spend approximately 30 minutes entering data into the portal for each application, but this can vary depending on the complexity of the case, the number of fields included in the application, and whether it is a decision-in-principle (DIP) or full application.
With brokers averaging about 30 DIPs per month, the company says that by adopting AI application agents across the industry, brokers can save more than 4,000 total business days each month.
Agents collect information directly from the broker’s CRM and fact search before automatically logging into the lender portal using integrated password technology. Then enter your information into the correct fields and request any missing data from your broker via WhatsApp or Slack. The completed application can then be returned to the broker for final review and submission.
Are your customers ready for their first tax digitization reporting deadline?
Sponsored by BM Solutions
Brokers nationwide can register to use the technology ahead of its beta release in September.
The future of mortgage lending lies in intelligent systems
Gareth Richardson, CEO of Finova, said: “For too long, mortgage brokers have been burdened with the repetitive management of re-entering the same customer information across multiple lender portals instead of spending time advising customers. Our research shows that 37% of brokers believe their workflows could be improved with better fact-finding technology, highlighting the need for a smarter, more connected approach.”
He said Finova believes the future of lending lies in an “intelligent ecosystem,” where information is collected once and shared throughout the mortgage process.
“Our new AI broker agent delivers on that vision by removing unnecessary administration while ensuring brokers have control over every application,” Richardson added.
He said this was “more than just a technology enhancement, it represents a step change in the way mortgage applications are completed across the UK market”.
Richardson added: “By eliminating repetitive administration, brokers can focus on what really matters: providing expert advice, building stronger customer relationships, and delivering a faster, smoother mortgage experience.”
