MPowered Mortgages has reported that 60% of broker enquiries are being solved by MQube’s AI-powered chatbot, Criteria Genius.

The chatbot, which now has a dedicated space on the lender’s website reduces reliance on broker support agents for criteria-related questions.

With over 3,000 brokers having used the tool, Criteria Genius has increased the capacity of the broker support team by freeing up valuable time.

Stuart Cheetham, CEO at MPowered Mortgages and MQube, said: “Criteria Genius can answer broker questions instantly. We are delighted that brokers are embracing the chatbot as using it saves them both time and hassle.

“MQube feels strongly that lenders need to look at ways of creating efficiencies within their “in-house” mortgage processes by leveraging technological advancements. A chatbot that answers questions instantly is just one of the ways they could be doing this.

“Our main goal at MQube is to take the stress and hassle out of the mortgage journey for both the brokers and the customer so that getting a mortgage becomes as quick as getting car insurance.”