Finova has launched an AI-powered application service designed to transfer brokers’ client data into lender portals across the UK mortgage market.
The mortgage technology provider said the service would remove the need for brokers to re-key information collected during the fact-find process, while leaving them responsible for reviewing and submitting each application.
Finova estimates that brokers spend about 30 minutes entering data into lender portals for each case, which can involve hundreds of fields for a decision in principle or full mortgage application.
It said UK brokers complete an average of more than 30 decisions in principle a month and claimed industry-wide adoption of the service could save more than 4,000 working days each month. The figures are based on the company’s proprietary data.
BROKER RETAINS CONTROL
The agent collects customer information from a broker’s customer relationship management system and fact find before logging into the relevant lender portal through integrated password management technology.
It then enters the information into the appropriate fields and can request missing or lender-specific details from the broker through services including WhatsApp and Slack. The completed application is returned to the broker for final review and submission.
Finova described the technology as the first whole-of-market service of its kind in the UK. Registration has opened ahead of a beta launch planned for September, with the service intended to be available to brokers nationwide.
“The future of lending lies in intelligent ecosystems.”
Gareth Richardson (main picture, inset), chief executive of Finova, said: “For too long, mortgage brokers have been burdened with repetitive administration, re-keying the same customer information across multiple lender portals instead of spending that time advising clients. Research shows that 37% of brokers believe better fact find technology would improve their workflow, underlining the need for a smarter, more connected approach.
“At Finova, we believe the future of lending lies in intelligent ecosystems where information is captured once and flows seamlessly throughout the entire mortgage journey. Our new AI broker agent brings that vision to life by removing unnecessary administration while ensuring brokers remain firmly in control of every application.”
STEP CHANGE
And he added: “This is more than another technology enhancement, it represents a step change in how mortgage applications are completed across the UK market. Homebuyers have made it clear that the mortgage journey needs to change.
“With 80% saying the homebuying process requires fundamental reform due to poor communication, lengthy delays and manual paperwork, we’re using AI to tackle these frustrations head on. By removing repetitive administration, we’re enabling brokers to focus on what really matters, which is providing expert advice, building stronger customer relationships and delivering a faster, smoother mortgage experience.”
Finova said it would add further intermediary services to its Broker Hub over the coming months as part of its Future of Lending strategy.
