MortgagX, the AI-powered end-to-end platform for mortgage brokers and customers, has expanded its capabilities with new features to help banks and lenders enhance the mortgage journey.
MortgagX, which launched in June 2024, aims to support easier, faster, and more transparent interactions between mortgage advisers and clients with solutions including intelligent fact-finding, screening, and sourcing.
With the latest update, MortgagX is now ready to cater to banks and lenders too, offering a comprehensive knowledge base for different bank criteria and smart underwriting capabilities.
One of the new tools available to banks is X-Plore, a speech-based AI assistant that provides quick access to mortgage and criteria information. This criteria hub acts as a single access point for both brokers and customers to review detailed bank criteria.
Another update that MortgagX has also rolled out is Source & Connect Direct. This solution connects clients directly with lenders, streamlining the product sourcing process and speeding up the mortgage journey. After engaging with AMI - MortgagX’s speech-based AI assistant - customers receive a list of mortgage products tailored to their specific needs.
The new MX Decision Engine uses bank criteria to conduct essential checks, verify property information, and confirm income details. By automating these important steps, the MX Decision Engine reduces errors and speeds up the approval process.
MortgagX has also introduced new underwriting capabilities by incorporating unconventional data points, such as mobile phone usage, credit card bills, and income-expenditure patterns. Designed to function as a wrapper around existing underwriting systems, this solution integrates with a bank's infrastructure. By leveraging advanced client data integration, the solution aims to improve risk assessment accuracy, reduce manual effort, and accelerate decision-making.
In addition, SmartWrite can analyse two years of bank statements and credit scores, offering a full view of a client’s financial health automatically, allowing for a more accurate assessment of potential risk factors.
The other new feature on the MortgagX platform is MMX Bespoke, which looks to address the unique challenges financial institutions face in the modern market. MMX Bespoke allows lenders to pick and choose what features they need to meet their specific requirements, creating a tailored solution, from risk assessment frameworks to compliance protocols.
