You are in the right place to know about the contribution of AI to the mortgage industry. The UK is the leader in new mortgage originations in Europe. The gross mortgage lending in the UK was 318 billion pounds in 2021. The existing mortgage origination process in the UK is lengthy, as over 40% of it needs manual intervention. As a result, the net mortgage lending is low even with the gross being high, as it takes weeks to complete the cumbersome mortgaging process. It is also because of manual errors, revenue leakage, frequent cancellations, and not providing a customer experience.Ā Ā
So, check out how AI in the mortgage industry can speed up its process using ML or machine learning-powered SaaS products to get mortgage loans in the UK easily and fast.Ā
How AI in the mortgage industry helps to drive market growth?
The re-surging AI or artificial intelligence technology combines computer vision, NLP or natural processing language, and machine learning. AI has fast become the metric for evaluating innovative ways to improve the mortgage origination experience. Hence, AI-powered products on the SaaS platform can create unique mortgage service propositions to drive market share growth. Moreover, it is an easy plug-and-play bolt-on product, so there is no need to change the existing mortgage systems. Also, because of its transparent performance and reports, there is a significant improvement in productivity and efficiency benefits. Hence, it helps streamline the complex mortgage lending process to be smooth and fast to complete in a few days.Ā
Reasons for AI in the mortgage industry to increase mortgages in the UK.
In the UK, mortgage applications need over four submissions for their approval because of not consistent or complete. Hence, for the brokers and lenders to get approval for the first time of its submission should use an AI-enabled product. Furthermore, AI in the mortgage industry takes care of the manual interventions to submit validated information that is at scale from customer documentation. Hence, it reduces frustration because of the lengthy mortgage lending process. The following are how the AI-powered product enables borrowers to get mortgage loans in the ever-changing, complex UK market.Ā
- The productās AI capabilities help the borrowers in real-time from upload to submission to understand errors to rectify them to improve its quality.
- Reduces non-value manual tasks and increases decision-making by providing granular visibility.
- Easy to launch on current mortgage origination system with provision for bulk document upload and its classification into configures file structure
- Enables extraction of document data to map it into the many relevant files of the system for performing data validation and document annotation checks.
- Improves broker or customer experience and increases colleaguesā productivity by reducing cancellations.
- Minimizes errors during the submitting and underwriting stage as it reads the document and runs it against current mortgage applications to verify any missing information and auto-fill it. If not able to do it, flags it for the borrower to do the corrections immediately.
The above facts and reasons will help you use AI in the mortgage industry to reduce the lengthy process and get approval without submitting it multiple times.