MPowered Mortgages delivers first 15 minute mortgage offer

MPowered Mortgages has made further enhancements to its AI technology-driven mortgage application platform, Origo, aimed at providing faster mortgage offers.

Investment in advancing the Origo platform has meant MPowered can now fully automate the process, eliminating human underwriters from simple cases. The platform can now achieve 80% of offers within 24 hours and 20% within two hours. Last week, MPowered issued its fastest offer yet, delivering a fully underwritten mortgage offer in 15 minutes.

The lender’s mortgage application system uses big data, sophisticated language models and machine learning to assess data and customer documents in real-time. This reduces the back and forth between lenders and brokers, facilitating a speedy underwriting process. Further platform efficiencies have enabled the automation of even more elements, such as document checking and credit commitments.

Stuart Cheetham, CEO of MPowered Mortgages and MQube, commented: “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.

“It is proven that the platform can bring great efficiencies to the way lenders across the Nation generate mortgage offers. If used at scale, we believe this platform could genuinely revolutionise the process of getting a mortgage, leading to better service and better customer outcomes.”