Gen H has announced the launch of an innovative AI-powered tool designed to streamline mortgage applications. Developed on the Google Cloud platform, this tool is part of Gen H’s initiative to automate and enhance the application process.
The tool enables brokers to submit and review all client documents at once. It automatically categorizes and packages these documents, and flags any issues, reducing the need for direct interaction with underwriters. This innovation is expected to significantly save time for both brokers and underwriters and is a step towards fully automated income verification.
Gen H initially introduced this tool to its exclusive group of priority broker partners, known as the Club, before planning a wider rollout to its full panel of more than 15,000 brokers across England and Wales.
Perry Graves, senior mortgage broker at Tembo, commented on the new tool: “It’s just another way of making life easier, saving time … [it’s] definitely going to get a good reception.”
In addition to this launch, Gen H is developing further application improvements, including real-time packaging feedback and instant income verification, expected to be ready by January 2024.
Adrian Poole, director, Digital Natives UKI at Google Cloud, emphasized the significance of this collaboration: ‘By utilising Google Cloud’s AI tools and technologies, Gen H will ultimately unlock homeownership for more people in the UK, ensuring a straightforward, transparent, and equitable borrowing journey.’
Since its introduction to intermediaries in 2021, Gen H has been actively developing tools to support its partners, including an affordability calculator, criteria centre, and the Gen H Pro case management tool.
Pete Dockar, chief commercial officer at Gen H, highlighted the role of technology in improving customer service: “It’s important we give our partners the tools required to provide certainty, sooner to customers. It’s also important that we utilise technology to deliver better outcomes for customers. We hear how difficult it can be to work with other lenders, so we welcome collaboration with partners such as Google Cloud and Experian to drive this technology forward for the better. We’re excited to roll out to our entire panel and announce additional features very soon.”
