How AI makes mortgage applications simpler for brokers
By Paragon
Efficiency is everything, especially when you're juggling multiple clients and applications.
Streamlining the mortgage application process isn't just about saving time, but also keeping your clients happy and satisfied.
AI technology is proving to be a game-changer in this regard. But how exactly does AI make your job easier and mortgage applications faster? Let's explore the impact AI can bring.
Can AI take your job?
First off, this is a common concern in the industry.
The truth is, AI is best viewed as assistive technology, not a replacement. AI can help you do your job more efficiently, rather than replacing you and me. AI can handle many tasks independently. It excels in processing large volumes of documents, such as payslips and tax documents, treating them as data for efficient handling. This capability is crucial in preventing document fraud, which is a growing concern in the industry.
However, human oversight is still essential to ensure accuracy and compliance.
For example, AI can apply checks on data extracted from documents to verify completeness, correctness, consistency, and compliance, but it still requires a human touch to review and finalise decisions.
Arindom Basu, Founder and CEO of Digilytics, shares in our recent podcast that AI is here to make your job easier and more efficient. Find more insights by listening to the full podcast here.
Enhance mortgage application process with AI
AI can be applied in various stages of the application process. It can help you package applications more accurately, reducing errors and improving confidence in the data provided to underwriters. AI also aids in affordability assessments, especially for professional landlords with portfolios of properties.
While AI technology can significantly boost efficiency and save time, your expertise remains crucial. AI tools can assist underwriters and brokers, but final decision-making and client interactions still involve human input. The blend of AI and human expertise will bring the best outcomes for your clients, making the mortgage application process faster and more reliable.
Leverage your work with AI
One way you can use AI to make your job easier is by maintaining regular contact with clients, providing personalised updates and alerts. This proactive approach improves customer retention by predicting eligibility for product switches and keeping clients informed, enhancing their retention strategies and ensuring clients stay engaged.
AI in mortgage applications
AI technology can also build capacity within mortgage operations, allowing staff to focus on value-added tasks. It provides resilience in handling fluctuations in application volumes, ensuring consistent response times and accuracy. This capability is particularly valuable during periods of high activity, such as when new products are launched.
As AI continues to evolve, its role in the mortgage industry will only grow. By embracing AI technology, we’ll find ourselves better positioned to meet the demands of a dynamic market. By leveraging AI to streamline the mortgage application system, we can offer faster, more efficient services to your clients.
For example, our new broker application system, supported by AI technology, is designed to make your work easier. It features self-gathering data for high accuracy and reliability. Simply type in an address and get the property details right away. We also automatically fill in information from reliable sources to ensure high accuracy and reliability of the application, helping speed things up and keep things running smoothly.
Conclusion
AI is transforming the mortgage application process, making it faster and more efficient. By adopting AI technology, we can better meet the demands of a dynamic market.
It streamlines the process by handling large volumes of documents, preventing fraud, and improving accuracy. You can also use it for packaging applications, conducting affordability assessments, and even maintaining client relationships.
For us, using AI to streamline the mortgage application process means we can offer quicker, more efficient services to your clients.
For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.