MortgagX launches new AI-driven mobile app for mortgages

Today marks the launch of MortgagX, the new mortgage platform that uses artificial intelligence (AI) technology to streamline the mortgage application process for both brokers and their clients.

By integrating cutting-edge technology, the AI-driven platform hopes to offer a comprehensive suite of tools that transform the traditional mortgage process into an efficient and user-friendly experience.

At the heart of MortgagX’s services is the AI-driven ‘Mortgage Assistant’.

This tool was designed to interact with clients using natural language processing to answer general mortgage-related queries.

This feature aims to enhance the client experience by providing immediate, 24/7 support while also supporting mortgage brokers by complementing the advisory process, ensuring compliance with consumer duty obligations.

MortgagX also hopes to simplify the data entry process with its Intelligent Fact-Find feature.

By integrating with multiple systems, MortgagX can auto-fill client information, reducing paperwork and the administrative burden on brokers.

MortgagX also offers direct integration with open banking and credit report systems. This integration allows for automated extraction and analysis of bank transactions and credit reports, providing brokers with critical insights into income and spending patterns.

The app also hopes to enhance security and compliance with its instant automated ID and address verification process.

Clients can easily verify their identity by simply taking a selfie and a photo of their identification documents.

In addition, the platform’s ‘Intelligent Sourcing’ tool automatically finds mortgage products that match the client’s financial circumstances as they enter their information.

This feature considers various lending criteria and affordability, ensuring that clients receive the best possible product options tailored to their specific needs.

The co-founder of MortgagX, Ifthikar Mohamed (pictured), said: “We experienced the frustrations that mortgage brokers face in an increasingly complex industry that still relies on manual processes to function.

“MortgagX is set to completely change the way brokers and clients experience the mortgage process.

“By harnessing the power of artificial intelligence and the latest technology, we are pushing the industry forward in ways that weren’t possible even a few years ago.

“MortgagX makes the mortgage process faster and more efficient without compromising on safety or accessibility. We are incredibly proud to lead the revolution in the digital transformation of the mortgage industry.”