MPowered Mortgages has made a number of enhancements to its platform to further automate its mortgage application process.

Improvements to its real-time underwriting technology to accurately assess an applicant’s credit commitments has reduced underwriting time by up to 40 minutes per application, the lender has claimed. The new technology, which instantly analyses declared credit commitments, to data extracted from uploaded bank statements, to data on the credit bureau, ensures underwriters get a true and accurate picture of an applicant’s credit commitments. This removes the need for underwriters to manually cross-reference information from different data sources.

Whilst keying an application, a broker will now receive real-time feedback to further help in packaging applications prior to submission. An example of this is when an applicant cannot be found on the credit bureau at the keyed address, or if a bureau match has been found but with no linked credit accounts. Providing these suggestions enables brokers to amend data prior to the case being passed to the underwriting team, reducing the back-and-forth between the broker and underwriter. Future applications of this technology could be used to flag declared expenditure that doesn’t match the spending shown on bank statements.

If a physical valuation is required, MPowered’s advanced system will now check the valuation report across over 100 rules to check it meets its lending criteria. This automatically adds offer conditions to the case to produce a full mortgage offer without any need for human intervention. This means that post valuation, any underwriting and assessments happen in real-time within seconds of receipt of a valuation report.

Stuart Cheetham, CEO of Mortgages at MPowered Mortgages, said: “Why should underwriting a mortgage take several weeks? The answer is it shouldn’t. That is why we have automated our platform to further ease and speed up the application process through to offer by automating repetitive tasks, so our underwriters can focus their time on assessing risk.

“We believe getting a mortgage offer shouldn’t take several weeks. Our goal is to give customers the certainty and control that they’re looking for, sooner and faster.”