MPowered Mortgages has announced that it has made a number of improvements to its Origo application platform, with the aim of making sure offers are delivered more quickly.
This platform is run on artificial intelligence tech and the company is claiming that the latest changes significantly enhance its speed. They mean that MPowered can automate every stage of the offer process, with Origo able to complete 80% of them inside just 24 hours. The other 20% currently take a period of no more than two weeks to deliver using the platform.
MPowered is also stating that Origo set a new record for offer delivery last month. On that occasion it provided the mortgage advisor in question with a completely underwritten loan in only 15 minutes. For many straightforward mortgage applications, Origo is now able to take the place of human beings when it comes to underwriting the loans.
Origo utilises a mix of AI machine learning, language models and data to analyse customer documents at high speed. It cuts back on the amount of time that advisors and lenders have to spend talking to each other to see through the offer process.
Stuart Cheetham from MPowered told Financial Reporter:
“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.”
A platform like this also has very clear value for busy advisors with CeMAP training.
