Artificial intelligence is set to transform the mortgage industry but it won’t replace the role of the broker, according to a panel of sector leaders who gathered in Mayfair last month to debate the future of the profession.
The event, hosted by Mortgage Soup and sponsored by AI mortgage tech firm LendWell, brought together senior voices from across the property and finance landscape, including Lloyds Banking Group, Zoopla, Shaw Financial Services and the Home Buying & Selling Group.
Far from stoking fears, the tone was one of cautious optimism.
The consensus: AI represents an opportunity, not a threat – but brokers must move quickly to keep up.
AI WILL NOT REPLACE BROKERS
“AI will not replace brokers,” said Jamie Lawless, Co-CEO of LendWell. “But brokers who don’t embrace AI may be replaced by those who do.”
Panellists pointed to the practical gains AI already offers, from income verification and document checking to credit assessment – tasks that once took days but can now be completed in minutes.
This, they argued, frees up time for brokers to focus on delivering advice and emotional support to clients navigating major life changes.
But speakers also warned that adoption needs to be swift. The technology is already advanced enough to process unstructured mortgage data at scale, and meaningful change could be felt within the next 12 to 18 months.
MANAGEABLE RISKS
Challenges remain. Data security, integration hurdles and the risk of over-reliance on automation were all raised. However, these were framed as manageable risks – not reasons to delay.
Importantly, the human dimension of broking was seen as irreplaceable.
“When life hits hard, it’s the broker people turn to – not the algorithm,” said Kate Faulkner of the Home Buying & Selling Group.
The panel concluded that AI could help level the playing field for smaller firms, improve efficiency across the sector, and dismantle long-standing silos in the property transaction process.
“The success of AI in mortgages won’t be defined by platforms,” Lawless added. “It’ll be defined by people.”
I suspect this may be a touch of wishful thinking on the industry’s part. The reality is that a broker’s current role essentially boils down to two functions: understanding lending criteria and scrutinising client documentation. Rather mundane stuff, really.
The technology to streamline this entire process already exists today. Open banking APIs can grant instant access to financial data, automated credit reports are readily available, and digital payslip uploads are hardly rocket science. What’s missing isn’t the capability—it’s simply someone with the vision to stitch it all together into a coherent platform.
Moreover, the emerging generation of borrowers couldn’t care less about a cosy chat over tea and biscuits. They want speed, efficiency, and minimal fuss—precisely what technology delivers and human intermediaries often don’t.
The writing is rather clearly on the wall: most traditional brokers will find themselves surplus to requirements within the next 5-10 years. It’s not personal; it’s simply progress doing what progress does best—making things more efficient whilst rendering certain roles rather redundant.
The question isn’t whether this transformation will happen, but rather how quickly the industry will adapt to this new reality.