"We experienced the frustrations that mortgage brokers face in an increasingly complex industry that still relies on manual processes to function."
- Ifthikar Mohamed, co-founder of MortgagX
A new mortgage platform, MortgagX, has entered the market in a bid to streamline the mortgage application process for both mortgage brokers and clients.
Accessible through a mobile app, an AI-driven virtual assistant uses natural language processing to answer general mortgage-related queries. It enhances the client experience by providing immediate, 24/7 support while also aiding mortgage brokers by complementing the advice process and ensuring compliance with Consumer Duty obligations.
MortgagX also simplifies the data entry process with its a fact-find feature. By integrating with multiple systems, MortgagX can auto-fill client information, reducing paperwork and the administrative burden on brokers.
MortgagX offers direct integration with Open Banking and credit reference agencies, enabling automated extraction and analysis of bank transactions and credit reports, providing brokers with insights into income and spending patterns. It also offers instant automated ID and address verification process. Clients can easily verify their identity by simply taking a selfie and a snap of their identification documents, eliminating the need for physical document submission and reducing wait times for loan approvals.
In addition, the platform's Intelligent Sourcing tool automatically finds mortgage products that match the client’s financial circumstances as they enter their information via the mobile app. This feature considers various lending criteria and affordability, ensuring that clients receive the best possible product options tailored to their specific circumstances.
Ifthikar Mohamed, co-founder of MortgagX, commented: "We experienced the frustrations that mortgage brokers face in an increasingly complex industry that still relies on manual processes to function. MortgagX is set to completely change the way brokers and clients experience the mortgage process. By harnessing the power of artificial intelligence and the latest technology, we are pushing the industry forward in ways that weren’t possible even a few years ago. MortgagX makes the mortgage process faster and more efficient without compromising on safety or accessibility. We are incredibly proud to lead the revolution in the digital transformation of the mortgage industry."
