Financial technology firm MortgagX has launched artificial intelligence (AI) employees for mortgage brokers.
The agentic AI – a type that uses AI agents to perform tasks, make decisions and learn from interaction to solve problems with minimal human supervision – was designed and developed specifically for the mortgage industry.
It aims to help lenders, brokers and clients by transforming the traditional mortgage process by automating repetitive and time-consuming administrative tasks, to give them more time to focus on their clients.
The mortgage industry has a reputation for being slow, largely due to compliance challenges and laborious manual processes.
MortgagX said it aims to change that by creating AI agents that understand the industry and are designed to support brokers at every step of the mortgage journey by handling administrative processes.
MortgagX launched these AI employees to target major challenges and pain-points for brokers, namely administrative processes.
This includes key processes such as client screening, fact-finding, product sourcing, document management, and compliance checks.
For client screening and automated fact-finding, the system verifies client identities and processes data, reducing paperwork and enhancing accuracy.
For bank statement and credit file analysis, it analyses financial documents in real-time, ensuring accurate assessments.
The AI employee keeps clients informed at every stage of the mortgage process, fostering transparency and trust through consistent communication.
The system ensures all processes adhere to FCA regulations, supporting brokers in maintaining compliance with industry standards.
It works in conjunction with essential systems including insurance providers, HMRC, Companies House, and property portals, to create an efficient, interconnected workflow.
The AI Mortgage Assistant (AMI) answers client queries in real-time, providing immediate support and maintaining continuous communication.
The system aims to reduce the time spent on cases by up to eight hours, minimise human error, enhance client satisfaction, and cut costs.
These AI agents were designed to support brokers by covering the administrative side, but brokers will still have to understand client needs and provide the right guidance and advice.
Ifthikar Mohamed, co-founder of MortgagX, said: “Unlike conventional AI tools that merely automate tasks, MortgagX AI employees embody the principles of agentic AI.
“It goes beyond simply performing tasks by actually understanding, reasoning, and proactively managing complex cases to effectively handle administrative processes.
“This capability allows it to adapt dynamically to varying case complexities and integrate seamlessly with multiple systems, setting a new standard in the industry.
“In comparison to a traditional AI solution, MortgagX’s latest offering is more comparable to an actual assistant, rather than a piece of software.
“Brokers stand to benefit from an experienced, industry-focused partner that can do all of the heavy lifting for them at a fraction of the price of an actual employee.
“With the launch of this enhanced AI platform, MortgagX reaffirms its commitment to innovation and its dedication to empowering mortgage brokers.”
