The tool allows brokers to provide and review a client’s documents in one go, with the system automatically sorting documents, packaging the case, and giving feedback to brokers if the tool finds an issue without having to involve an underwriter. Gen H said this would save brokers and underwriters time, get an offer to clients more swiftly and lay the groundwork for full automatic income verification.
The firm launched the tool to broker partners around two weeks ago before rolling out it out to its full intermediary panel of over 15,000 brokers in England and Wales.
The company added that it was working on delivering real-time packaging feedback and instant income verification at the start of next year.
Adrian Poole, director, digital natives UKI, Google Cloud said: “By utilising Google Cloud’s AI tools and technologies, Gen H will ultimately unlock homeownership for more people in the UK, ensuring a straightforward, transparent, and equitable borrowing journey.”
Gen H’s chief commercial officer Pete Dockar (pictured) added: “It’s important we give our partners the tools required to provide certainty, sooner to customers. It’s also important that we utilise technology to deliver better outcomes for customers.
“We hear how difficult it can be to work with other lenders, so we welcome collaboration with partners such as Google Cloud and Experian to drive this technology forward for the better. We’re excited to roll out to our entire panel and announce additional features very soon.”
Gen H slashes rates
Gen H has also lowered rates in its entire product range by up to 0.25 per cent with sub-five per cent rates across all five-year deals below 80 per cent loan to value (LTV).
This includes homebuying bundles and standard five-year fixed rates.
Highlights of the cuts include products at 60, 70 and 75 per cent LTV rates have fallen by up to 0.2 per cent, whereas 80 per cent LTV deals have been reduced by up to 0.25 per cent.
Dockar noted: “It’s been a hugely busy few months for us at Gen H, between our rapid rate reductions and our launches with Experian and Google Cloud. But we’re glad to demonstrate that we’re serious about changing the mortgage industry – from bringing the fairest prices we can to market and truly innovating for our partners.
“And we know we’re doing something right, because the response from our intermediary panel has been tremendously positive. We’re looking forward to another great year.”
