Finova today announces the launch of the UK’s first ever whole-of-market AI-powered application service that will transform how mortgage brokers submit applications in the UK market. Built around the strapline: “Stop keying in mortgage applications – just submit them in one click”, the new AI agent removes the manual work involved in keying in data and information on UK lender portals whilst importantly allowing brokers to stay in control throughout the whole process.
Today, brokers have to re-key customer information multiple times across individual lender portals as part of the mortgage application process. This new AI agent changes that by enabling information captured during the fact find process to flow directly into any lender application portal available in the UK market, reducing duplication, eliminating human error and allowing advisers to spend more time with their customers.
Our proprietary data shows that brokers spend approximately 30 minutes per application keying in data into lender portals, depending on case complexity, filling in hundreds of fields typically required for a Decision in Principle (DIP) or full mortgage application. With UK brokers averaging more than 30 DIPs per month, if adopted across the UK mortgage broker industry, this new tool could free up over 4,000 working days for the UK mortgage broking industry every month.
This demonstrates the transformative impact this pioneering technology could have on broker productivity in the UK market, allowing brokers to focus on what matters most; providing customers with advice, support and a better mortgage experience.
At the click of a button, the AI agent acts on behalf of the broker to:
- Collect customer information directly from the broker's CRM and fact find
- Automatically log into lender portals using integrated password management technology
- Input the correct information into the relevant fields
- Request any missing or lender-specific information from brokers in real time via channels such as WhatsApp or Slack
- Return the completed application to the broker for final review and submission
The broker remains in complete control of the whole process from start to finish.
This whole-of-market technology, which brings Finova’s “Future of Lending” strategy and vision to life, is the first of its kind in the UK market. It will be available to brokers nationwide with registration open now ahead of its official Beta launch in September.
Gareth Richardson, CEO of Finova, said:
"For too long, mortgage brokers have been burdened with repetitive administration, re-keying the same customer information across multiple lender portals instead of spending that time advising clients. Research shows that 37% of brokers believe better fact find technology would improve their workflow, underlining the need for a smarter, more connected approach.
At Finova, we believe the future of lending lies in intelligent ecosystems where information is captured once and flows seamlessly throughout the entire mortgage journey. Our new AI broker agent brings that vision to life by removing unnecessary administration while ensuring brokers remain firmly in control of every application.
This is more than another technology enhancement, it represents a step change in how mortgage applications are completed across the UK market. Homebuyers have made it clear that the mortgage journey needs to change. With 80% saying the homebuying process requires fundamental reform due to poor communication, lengthy delays and manual paperwork, we're using AI to tackle these frustrations head on. By removing repetitive administration, we're enabling brokers to focus on what really matters, which is providing expert advice, building stronger customer relationships and delivering a faster, smoother mortgage experience.”
Over the coming months, Finova will continue to introduce new intermediary capabilities within its Broker Hub, establishing a continuous rhythm of innovation that will help shape the future of lending across the UK.
Brokers can register their interest by visiting: finova.tech/broker-hub
