MPowered Mortgages, a UK-based lender, has launched CriteriaGPT, a chatbot that can answer brokers’ queries related to lending criteria. The bot uses ChatGPT technology and can understand and respond to queries in a human-like manner. The introduction of CriteriaGPT is expected to reduce the need for human intervention, resulting in faster and more accurate responses for brokers. The company is allowing brokers nationwide to participate in its testing programme, and feedback will be used to refine the technology ahead of a full product launch in Q3 2021.
Stuart Cheetham, CEO of MPowered Mortgages, said that the company aims to make the broker journey easier, and the introduction of CriteriaGPT will be instrumental in achieving this. He added that the company is constantly looking for ways to speed up and simplify the mortgage underwriting process using AI technology. Cheetham emphasised the importance of lending criteria queries, describing them as one of the primary reasons why brokers contact lenders.
The testing phase, which began in June 2021, is expected to conclude in July. The development of CriteriaGPT marks a significant milestone in the application of AI in the UK mortgage market. Cheetham said that the technology would be integrated into the company’s lending enquiries process, providing brokers with an enhanced tool.
The use of AI technology in the mortgage industry is becoming increasingly common, with more lenders looking to streamline their operations and improve their customers’ journey. MPowered Mortgages is one of the leading players in the market in this regard and has successfully tested CriteriaGPT among its internal sales and underwriting teams. The full rollout of the technology is expected to provide a valuable resource for brokers and lenders alike.
Frequently Asked Questions (FAQs) Related to the Above News
What is CriteriaGPT?
CriteriaGPT is a chatbot developed by MPowered Mortgages that is designed to answer brokers' queries related to lending criteria. It uses ChatGPT technology to understand and respond to queries in a human-like manner.
How does CriteriaGPT benefit brokers?
The introduction of CriteriaGPT is expected to reduce the need for human intervention, resulting in faster and more accurate responses for brokers. This will save brokers time and allow them to focus on other aspects of their work.
Can brokers from anywhere in the UK participate in the testing programme?
Yes, MPowered Mortgages is allowing brokers nationwide to participate in its testing programme.
When will CriteriaGPT be launched as a full product?
The technology is expected to be launched as a full product in Q3 2021, following feedback from the testing programme.
Why is MPowered Mortgages using AI technology in the mortgage industry?
MPowered Mortgages is constantly looking for ways to speed up and simplify the mortgage underwriting process using AI technology. This will make the broker journey easier and improve the overall customer experience.
How is MPowered Mortgages contributing to the use of AI in the UK mortgage market?
MPowered Mortgages is one of the leading players in the market when it comes to using AI technology in the mortgage industry. Its successful testing of CriteriaGPT among its internal sales and underwriting teams marks a significant milestone for the application of AI in the UK mortgage market.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
