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MPowered Mortgages updates automated application process

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  • 01/06/2023
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MPowered Mortgages updates automated application process
MPowered Mortgages has made further changes to the automation of its mortgage application process to enable faster, real-time decision making.

This includes the real-time credit commitment check feature which builds on its existing underwriting technology to assess an applicant’s credit commitments. Data is extracted from uploaded bank statements and the credit bureau to give an overview of an applicant’s commitments. 

The lender said this will reduce underwriting time by up to 40 minutes and means underwriters no longer need to manually cross-check information from different sources. 

MPowered has also introduced a suggestion feature which appears when a broker is keying in an application before submission. For example, if an applicant cannot be found on the credit bureau at the specified address or has no linked credit accounts, brokers will be prompted to amend the data to reduce any back and forth with the underwriter. 

The lender said in the future, this function can be used to flag undeclared expenditure which does not match the spending shown on bank statements. 

Fully automated post-valuation underwriting has also been introduced which occurs when a physical valuation is needed. In this case, MPowered’s system will check the valuation report across 100 rules to ensure it meets the lender’s criteria. Offer conditions will then be automatically added to the case to produce a full mortgage offer without human intervention. 

This means that after a valuation has been done, underwriting and assessments can take place immediately after the report has been received by MPowered. 

Stuart Cheetham (pictured), CEO of Mortgages at MPowered Mortgages, said: “Why should underwriting a mortgage take several weeks? The answer is it shouldn’t. That is why we have automated our platform to further ease and speed up the application process through to offer by automating repetitive tasks, so our underwriters can focus their time on assessing risk.  

“We believe getting a mortgage offer shouldn’t take several weeks. Our goal is to give customers the certainty and control that they’re looking for, sooner and faster.” 

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