The mutual will use a platform called Origo to speed up underwriting by handling the complete process from application to completion with the use of AI.
The platform assesses documents and data in real time and will only request additional information if this cannot be sourced elsewhere. Nottingham Building Society expected this will help it to provide a quicker service, reduce costs and lower risks. The mutual also believes this will enable it to make adjustments faster.
Mqube, which last year partnered with Thought Machine, will work with the mutual to customise Origo. The AI platform is already live and being used by Mqube’s subsidiary, Mpowered Mortgages. It is also regulated by the Financial Conduct Authority (FCA).
Innovative mortgage technology
Paul Howley, chief technology and transformation officer at Nottingham Building Society, said: “At Nottingham Building Society, we’re going through an exciting period of change as we focus on the question of what mutuality means in the modern world. In 2024, borrowers face potentially more challenges than ever before, and we’re evolving our mortgage proposition to ensure we can really have an impact on growing homeownership and supporting a wider range of borrowers. To do this, we will need to be innovative and embrace new technologies, and our partnership with Mqube is a major step on the road to achieving that goal.
“We are confident that this sophisticated new technology-driven platform from Mqube will help us better serve our customers by speeding up and smoothing out the mortgage journey. We’re excited by the new possibilities the technology will open up for us and we’re delighted to be working with such an innovative partner.”
Stuart Cheetham, CEO of Mqube, added: “We are delighted to be partnering with Nottingham Building Society to help transform their underwriting process. At Mqube, we are on a mission to make the mortgage journey better for everyone, by increasing speed and bringing certainty to borrowers faster.
“Our Origo platform is used by our lender firm Mpowered, and it is exciting that through this partnership, so many other brokers and customers will be able to take advantage of the benefits it provides. We are delighted Nottingham Building Society has chosen to use Origo and we are excited to be in conversations with other building societies and banks about the benefits our platform can bring to their businesses, so that as an industry we can collectively enhance the mortgage experience and improve outcomes across the market.”
