Tool aims to improve efficiency and service levels for brokers and lenders
Mortgage technology firm MQube, the parent company of mortgage lender MPowered Mortgages, has announced that it will offer its AI-powered chatbot to a select number of other lending partners.
The chatbot, which has been in use by MPowered Mortgages for over a year, automates 90% of broker criteria queries, creating efficiencies for lenders and brokers alike.
The technology uses large language models to process a lender’s policies and provide instant, accurate answers to complex criteria questions. Lenders can integrate the chatbot into internal systems, customer- and broker-facing web portals, and existing chat interfaces. A sandbox version is also available, allowing lenders to test the tool on their policies before full deployment.
At MPowered Mortgages, the chatbot has reduced the need for broker support agents by resolving the majority of criteria-related queries without human involvement. Feedback from brokers has been positive, with many praising its ease of use and its ability to save time, enabling them to focus on delivering better customer service.
“This is no ordinary chatbot but one that can handle even the most complex and detailed questions about a lender’s criteria,” said Stuart Cheetham (pictured), chief executive of MQube. “Service levels are a known pain point for brokers and customers, and this tool helps lenders improve by providing instant answers, removing the hassle of waiting on the phone.”
The chatbot is part of MQube’s broader strategy to develop AI-driven solutions that enhance operational efficiency in the mortgage sector. The company’s mortgage origination platform, for example, can generate mortgage offers in seconds. MQube has also introduced Marketing Genius, an AI tool that supports brokers by creating marketing content to drive customer engagement and acquisition.
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