MPowered Mortgages is now using artificial intelligence tools to speed and simplify the mortgage application process for brokers and customers.
This is part of a series of platform enhancements to increase the automation of this process. These enhancements include automatic credit commitment checks, AI-driven “suggestions” for applications, and graceful automatic rejections. MPowered Mortgages said this reduces the need for manual underwriting with repetitive tasks and shortens the average time from application to offer.
As you key in your application, your broker receives real-time, AI-driven feedback to help you package your application before submission. Examples of this are when the applicant is not found at the credit bureau for the address entered, or when a credit bureau match is found but there is no linked credit account. Providing these suggestions allows brokers to correct data before the case is turned over to the underwriting team, reducing potential delays. Future applications of this technology may be used to flag declared expenditures that do not match expenditures shown on bank statements.
MPowered Mortgages has also enhanced real-time underwriting technology to assess applicant credit commitments. This has reduced the underwriting time by up to 40 minutes per application. New technology analyzes declared credit commitments based on uploaded bank statements and data extracted from credit bureaus. Allowing underwriters to more accurately capture these promises. This saves the insurer from having to do it manually. Cross-reference information from various data sources.
Stuart Cheatham, CEO of M-Powered Mortgage, said: The answer is that you shouldn’t. We have automated the platform and sped up the application-to-offer process by automating repetitive tasks, allowing insurers to focus their time on assessing risk. ”
