Kensington Mortgages will make use of Koodoo’s artificial intelligence (AI) tools to transform the speed at which cases are underwritten while maintaining its human-driven approach to specialist lending, it said.
The lender will integrate with Koodoo’s document processing product to make the underwriting journey more efficient. This validates documents with AI to assess the document type and other information such as date ranges and names.
Kensington Mortgages said the agreement marked its commitment to technological advancements.
Koodoo said that, in the future, it hoped to develop this function so information could be extracted from the documents and input within the underwriting portal.
Andrei Lebed, CEO of Koodoo, said: “Our mission at Koodoo is to simplify and empower the mortgage process by leveraging the latest technology and our specialist knowledge of UX design in the mortgage industry. Partnering with Kensington Mortgages, a leader in the field of specialist mortgages, is an exciting project for us both. Together, we aim to set new standards for efficiency and transparency in the mortgage origination process.”
Vicki Harris (pictured), chief commercial officer at Kensington Mortgages, added: “This collaboration with Koodoo reflects our dedication to providing best-in-class services to our clients and partners. By harnessing the power of advanced AI tools, we are confident in our ability to elevate the mortgage origination experience, particularly for brokers who play a pivotal role in our ecosystem.
“This partnership reinforces our commitment to staying ahead of the curve and meeting the evolving needs of the market while remaining people-focused.”
The lender previously worked with Koodoo in 2022 to develop its product retention portal, which it said received positive feedback from brokers and customers. The digital remortgage tool was created to enable product switching in minutes for borrowers nearing the end of their initial fixed term.
