New tool enhances and expedites the mortgage application process
Fintech mortgage lender Gen H has introduced a packaging tool powered by artificial intelligence (AI) and developed on Google Cloud, designed to automatically analyse and categorise documents for mortgage applications.
In a pioneering move, Gen H becomes one of the first mortgage lenders in the UK to engage in a direct collaboration with Google Cloud, aiming to enhance and expedite the mortgage application process.
The newly launched tool enables brokers to submit and review all client documents, with the system intelligently organising the documents, compiling the case, and providing feedback to brokers promptly, flagging any identified issues, all without the need for prolonged interaction with the underwriter.
This streamlined process is expected to significantly save time for both brokers and underwriters, expediting offer delivery to broker clients and paving the way for fully automated income verification.
Gen H initiated the tool’s soft launch within its club, an exclusive group of priority broker partners, two weeks ago, seeking feedback before a full rollout to their intermediary panel comprising of over 15,000 brokers across England and Wales.
“It’s important we give our partners the tools required to provide certainty, sooner to customers,” stated Pete Dockar (pictured), chief commercial officer at Gen H. “It’s also important that we utilise technology to deliver better outcomes for customers.
“We hear how difficult it can be to work with other lenders, so we welcome collaboration with partners such as Google Cloud and Experian to drive this technology forward for the better. We're excited to roll out to our entire panel and announce additional features very soon.”
Adrian Poole, director of UKI digital natives at Google Cloud commented: “By utilising Google Cloud’s AI tools and technologies, Gen H will ultimately unlock homeownership for more people in the UK, ensuring a straightforward, transparent, and equitable borrowing journey,”
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