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Mortgages for Business adopts robotics to automate BTL applications and AIPs

  • 04/09/2018
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Mortgages for Business adopts robotics to automate BTL applications and AIPs
Mortgages for Business has automated the buy-to-let mortgage application submission process with Kent Reliance and Paragon, and it is now working to roll out the process to Precise Mortgages. 


The specialist BTL broker said the system both freed its mortgage advisers from a lengthy, manual task and improved turnaround times for customers.

The robot generates an Agreement In Principle (AIP) and if satisfactory proceeds with a full mortgage application.

Initially MfB engaged with Kent Reliance to develop and test the technology which extrapolates, manipulates and deposits data from the firm’s CRM database into Kent Reliance’s submission system.

While testing was taking place, MfB approached other buy to let lenders to ascertain interest in adopting the technology and Paragon was first to respond.

MfB told Mortgage Solutions it has invested heavily and have been working collaboratively with Extra Technology, the intelligent automation experts since December 2017. In addition, MfB intends to approach other BTL lenders soon after.


Legacy woes hurdled


IT director Mark Ryan said that recent advancements in robotics have helped overcome some of the challenges, particularly with lenders’ legacy systems.

“Five staff members are now certified Advanced Automation Anywhere professionals but all of our BTL advisers are successfully using the technology to submit applications to both Kent Reliance and Paragon.”

Adrian Moloney, sales director of OneSavings Bank which owns the Kent Reliance brand, said: “Automation improves the accuracy of information being input because it reduces the opportunities for human error. This means we can process applications much faster.”

John Heron, managing director of mortgages at Paragon, said the team is keen to exploit opportunities to improve the customer journey for our intermediaries and their customers.

He added: “Therefore, when the opportunity to work with Mortgages for Business on robotic processing arose, we joined with enthusiasm. Roll-out was quick and straightforward, with the implementation highlighting the huge potential for enhanced technology to improve customer experience in our industry.”

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