The mutual will adopt MQube’s artificial intelligence (AI)-powered origination platform, Origo, to improve processing times. The platform uses real-time data analysis to review financial credit and property data, enabling Monmouthshire Building Society to process mortgage applications faster.
This comes as the mutual is enhancing its functions to offer consistent decisions and remove friction faced by borrowers and brokers.
This means the only questions that will be asked during a mortgage application will be ones that cannot be answered through other data sources. This is expected to minimise repetitive requests.
The MQube team will work with Monmouthshire Building Society to tailor the platform to the mutual’s needs.
Origo is already live through MPowered Mortgages, after the lender introduced the one-day mortgage earlier this year.
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Will Carroll, chief executive at Monmouthshire Building Society, said: “At Monmouthshire Building Society, we’re committed to using technology to deliver better outcomes for our members. Borrowers today expect not just great service but also speed and certainty, and we’re determined to deliver on all fronts.
“Our partnership with MQube gives us access to cutting-edge technology that will help us simplify the mortgage journey while reducing costs and risk. It’s a key step in our ongoing journey to be a modern mutual that truly puts members first.”
Stuart Cheetham, founder and CEO of MQube, added: “We’re thrilled to welcome Monmouthshire Building Society to the Origo platform. As more lenders embrace AI and automation, it’s great to see a forward-thinking mutual leading the way.
“Origo is already powering faster mortgages at MPowered and we’re excited to help Monmouthshire bring those same benefits to their customers and brokers. We look forward to supporting them on their journey and continuing to help reshape the mortgage industry for the better.”
Earlier this year, Monmouthshire Building Society set up a wellbeing network for brokers.
