Finova has announced the launch of a new whole-of-market AI-powered application service which aims to enhance how mortgage brokers submit applications in the UK market.
Built around the strapline 'Stop keying in mortgage applications – just submit them in one click', the new AI agent removes the manual work involved in keying in data and information on UK lender portals.
The system enables information captured during the fact find process to flow directly into any lender application portal available in the UK market, reducing duplication and eliminating human error.
At the click of a button, the AI agent acts on behalf of the broker to collect customer information directly from the broker's CRM and fact find, automatically log into lender portals using integrated password management technology, and input the correct information into the relevant fields. It can also request any missing or lender-specific information from brokers in real time via channels such as WhatsApp or Slack before returning the completed application to the broker for final review and submission.
Finova's data shows that brokers spend approximately 30 minutes per application keying in data into lender portals, filling in hundreds of fields typically required for a decision in principle (DIP) or full mortgage application.
With UK brokers averaging more than 30 DIPs per month, if adopted across the UK mortgage broker industry, the new tool could free up over 4,000 working days for the UK mortgage broking industry every month.
This whole-of-market technology will be available to brokers nationwide with registration open now ahead of its official Beta launch in September.
Gareth Richardson, CEO of Finova, said: "For too long, mortgage brokers have been burdened with repetitive administration, re-keying the same customer information across multiple lender portals instead of spending that time advising clients. Research shows that 37% of brokers believe better fact find technology would improve their workflow, underlining the need for a smarter, more connected approach.
"At Finova, we believe the future of lending lies in intelligent ecosystems where information is captured once and flows seamlessly throughout the entire mortgage journey. Our new AI broker agent brings that vision to life by removing unnecessary administration while ensuring brokers remain firmly in control of every application.
"This is more than another technology enhancement, it represents a step change in how mortgage applications are completed across the UK market. Homebuyers have made it clear that the mortgage journey needs to change. With 80% saying the homebuying process requires fundamental reform due to poor communication, lengthy delays and manual paperwork, we're using AI to tackle these frustrations head on. By removing repetitive administration, we're enabling brokers to focus on what really matters, which is providing expert advice, building stronger customer relationships and delivering a faster, smoother mortgage experience.”
