MPowered Mortgages integrates ChatGPT technology

MPowered Mortgages has integrated ChatGPT technology into the internal chatbot tool on its mortgage origination platform.

The technology is being trialled with both its sales and underwriting teams on its ability to answer complex criteria-related enquiries. MPowered’s objective is to integrate this tool into its existing chatbot functionality which will be available to brokers in the near future.

MPowered has leveraged ChatGPT’s technology to build its own question and answer tool that is able to provide accurate responses to complex questions built on an understanding of MPowered’s residential criteria and historic broker conversations.

Usually, for more complex criteria questions, a broker will need to speak to the broker support desk, who may need to consult an underwriter before giving an answer. ChatGPT-powered chatbot functionality will allow brokers to get an answer in an instant to some of the more complex criteria-related questions.

MPowered follows ONP and Advise Wise, who both recently adopted ChatGPT functions into their propositions.

Stuart Cheetham, CEO of MPowered Mortgages said: “At MPowered Mortgages, we are constantly looking at ways we can both improve the broker journey and speed up the time it takes to get a mortgage offer using the power of AI.

“ChatGPT is at the cutting edge of chatbot technology, and perfectly augment's our own in-house proprietary AI which is already live in the market, and we’re delighted to be taking the first steps to test how we can integrate this into our processes, with the ultimate aim of delivering a more enhanced tool to brokers in the near future. AI will drive innovation in the mortgage market and MPowered Mortgages is at the forefront in deploying this technology to resolve real everyday problems.

“We hope in time it will both make their lives easier, but also improve customer journeys by getting immediate responses to live enquiries.”