A broader set of features has been introduced to MortgagX, an artificial intelligence (AI)-powered advisory platform for the mortgage sector.
MortgagX was developed by mortgage adviser and accountant Ifthikar Mohamed (pictured), with the aim of addressing common challenges.
It has now been expanded to cater to banks and lenders with the introduction of tools X-plore and Source and Connect Direct.
The X-plore tool has been described as a business development manager (BDM) sidekick and will be available to lenders. It is a speech-based AI assistant that offers mortgage and criteria information.
It aims to act as a single access point for brokers and customers to review product criteria.
MortgagX said the tool would make it easier for those in the mortgage process to make informed decisions.
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The Source and Connect Direct feature streamlines the product sourcing process and connects clients directly to lenders. This happens after clients interact with AMI, another speech-based AI assistant, which answers queries on the mortgage process. Once a client has engaged with AMI and moved on to the Source and Connect Direct feature, they will be given a list of products suited to their needs.
There is also a new MX Decision Engine, which checks a lender’s criteria against property information and income. MortgagX said this would reduce errors and speed up the approval process.
It aims to transform the underwriting process by using non-conventional data points such as a client’s mobile phone usage, credit card bills and expenditure patterns.
This has been developed to complement existing underwriting systems and integrate with a lender’s infrastructure.
MortgagX has brought in SmartWrite, which it said would “redefine underwriting practices”. This analyses two years of bank statements and credit scores to give a full picture of a client’s financial health to provide an assessment of potential risks.
Lastly, MMX Bespoke has been added to MortgagX, which enables lenders to tailor the platform to their needs.
It allows lenders to select what features are needed to meet their requirements, from risk assessment to compliance protocols.
The firm said MortgagX was part of the “evolving future” of the mortgage sector and the new features would see it become a “guiding force” in the industry.
