In what the firm described as an “industry first”, the Koodoo-LLM technology passed the CeMAP with grades of over 70 per cent in all three modules.
Koodoo said the technology could “transform” the UK mortgage market and lead to an industry where AI is a “co-pilot” for human brokers.
Andrei Lebed, CEO and co-founder of Koodoo says: “This is a historic breakthrough moment for the mortgage industry. Having a large language model pass CeMAP opens so many possibilities for artificial intelligence to enhance the productivity of brokers and lenders, ultimately leading to faster and better outcomes for their customers.”
Koodoo said as AI technology “rapidly” advanced, the firm wanted to make sure its tools were reliable and safe to use. The firm said it was working with industry specialists and the financial regulator to “develop robust quality assurance mechanisms” for its new technologies.
AI will not replace humans
Lebed added: “As a broker and a provider of leads to other large brokerages we do not see a future where AI-powered bots replace human brokers. Our customers place too much value on the personal relationships they build with our brokers and the expertise that they demonstrate, which I don’t believe will ever be replaced by technology, no matter how smart or shiny it is.
“However, I do see a near-future where brokers have a trusted AI co-pilot next to them who is able to accurately and quickly support them with administrative tasks, such as initial document reviews, criteria reviews, affordability calculations and drafting compliance write-ups, resulting in a faster and more efficient mortgage process.”
“Proving that AI large language models can pass the CeMAP exam is a foundational step for the Co-Pilot – there is much more to come in the next few weeks,” Lebed said.
Koodoo will be showcasing prototype tools at its AI in Mortgages event for lenders on 4 October, as well as its following event for brokers on 9 November.
The events will take place in its Scale Space offices in White City in London, which are shared with Imperial College London.
