A brand new mortgage platform that makes use of artificial intelligence (AI) to simplify the process of applying for a loan has been introduced, and is being aimed at advisors and the general public.
The platform is called MortgagX and it features something named a Mortgage Assistant that runs on AI. This assistant responds to enquiries concerning mortgage loans and applications via natural language processing. It will also help mortgage advisors in complying with the new Consumer Duty rules and it can be accessed through an app for mobile devices.
The Mortgage Assistant feature is not the only one offered by the platform though. There is also something called Intelligent Fact-Find. This solution is designed to cut back on the amount of information that advisors have to key in when completing applications. Using multi-system integration it will auto-complete much of the routine client data that has to be entered.
As a result, it will significantly reduce the administrative tasks involved in applications for mortgage advisors, the creators of the platform are stating. One of the founders, Ifthikar Mohamed, told Mortgage Introducer that it would radically alter the application experience for both advisors and the public, before adding:
“By harnessing the power of artificial intelligence and the latest technology, we are pushing the industry forward in ways that weren’t possible even a few years ago.”
Most people who have secured a CeMAP mortgage advisor qualification would prefer to focus on in-depth advice rather than routine data entering so they will be delighted if this platform works.
