MPowered Mortgages has made further enhancements to its artificial intelligence (AI) technology-driven mortgage application platform Origo, aimed at providing faster mortgage offers.
Research by the lender has suggested that the average application to offer time among UK lenders is approximately 17 days.
Substantial investment in advancing the Origo platform has meant MPowered can now fully automate the process, eliminating human underwriters from simple cases.
The platform can now achieve 80% of offers within 24 hours and 20% within just two hours.
Last week, MPowered reached a key milestone issuing its fastest offer yet, delivering a fully underwritten mortgage offer in 15 minutes.
Stuart Cheetham, CEO of MPowered Mortgages and MQube, said: “Our goal is to make the mortgage journey better for everyone, by speeding up the mortgage offer process, bringing certainty to borrowers faster.
“We are hearing lenders tell us that they can see what added value our Origo platform can bring to their businesses.
“It is proven that the platform can bring great efficiencies to the way lenders across the Nation generate mortgage offers. If used at scale, we believe this platform could genuinely revolutionise the process of getting a mortgage, leading to better service and better customer outcomes.”
Mallory Financial was the brokerage that delivered the 15-minute mortgage offer to a client.
Jayne Knight, broker at Mallory Financial added: “We almost can’t believe just how smooth and quick the app to offer went for this particular customer.
“Not only was it a stress- and hassle-free process for us, but the customer was absolutely thrilled and genuinely shocked to have received a concrete offer so quickly.
“The Origo platform has the potential to truly change our industry for the better, leading to improved customer service and outcomes.”
