MPowered Mortgages has announced the full rollout of its ChatGPT-powered chatbot tool, CriteriaGPT.

Following a successful round of testing announced earlier this year, the tool has allowed a third of all broker queries to be resolved without the need to refer brokers to MPowered’s internal support team.

CriteriaGPT uses ChatGPT technology to answer complex queries about MPowered’s residential lending criteria. Through this, brokers can receive answers to varied and complex lending enquiries without the need for human intervention.

Now that the testing phase has been completed, all broker partners can access MPowered’s CriteriaGPT tool via its website. Brokers will still have access to MPowered’s dedicated Broker Support Team for any other queries, or if they wish to speak directly to a human advisor regarding their criteria question.

Since launching its prime residential mortgage range to all brokers nationwide earlier this year, MPowered’s inbound enquiries from brokers have grown significantly. By August, its internal broker support team had received 10,000 live chat requests. MPowered Mortgages predicts that over 60% of all broker queries will be solved by its online chatbot service by the end of the year.

Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: “We are delighted that the feedback on our ChatGPT-powered chatbot tool has been unanimously positive. It is one of the many steps we are taking to improve the service we offer brokers, using the power of technology to remove the hassle out of the mortgage process by getting instant responses to urgent questions.

“In addition to this, delivering a smooth mortgage journey for borrowers underpins everything that we do here at MPowered, which is more important now than it has ever been in the current fast-changing and uncertain market conditions.

“We will continue to use technology to both improve the service we offer brokers and the mortgage journey for borrowers, as we believe there is so much more to be done to bring mortgages into the 21st century.”

Stelios Constantinidis, head of research at MPowered Mortgages, added: “After extensive development and testing, CriteriaGPT is now enabling brokers to get clear and instant answers to their questions about MPowered’s lending criteria, all in plain English. We are excited to be one of the first companies using the groundbreaking advances in AI to deliver great user outcomes to brokers.”