How could AI help with mortgage applications?

September 24, 2024 by Brendan O'Neill

Mortgage Advisors

The mortgage industry in 2024 is beginning to make much greater use of technology. At the moment, however, this does not extend to exploiting the full potential of artificial intelligence (AI).

This tech could make the experience of applying for loans better for customers, while also reducing the workload for mortgage advisors.

There are AI solutions on the market that can handle routine application tasks. Using a tool like this can help advisors by processing the sort of documentation typically required for mortgage applications; the likes of tax returns, bank statements and payslips from clients. It would also be able to carry out the necessary verification checks on things such as affordability and income. That would free up advisors to use their CeMAP course training for parts of the job that really need the human touch.

Then there is the matter of accuracy. Supports of AI would argue that it is noted for being extremely accurate in its collation and processing of data. Therefore, its use would significantly cut back on the possibility of mistakes being made, which will save mortgage advisors time.

However, it’s not always possible to guarantee complete accuracy from an AI tool, and it can only process information in the way it has been designed to. This, of course, differs from humans, who can approach the tasks of a mortgage advisor with a more critical, flexible manner.

Therefore, artificial intelligence, when applied, is currently functioning more as a complement to human advice, not a replacement.