MFB adopts robotics to automate BTL applications and AIPs

04 September 2018

Mortgages for Business has successfully automated the buy to let mortgage application submission process with Kent Reliance and Paragon.

Adopting robotic technology, the specialist BTL broker has both freed its mortgage advisers from a lengthy, manual task and improved turnaround times for customers. The robot generates a AIP (Agreement In Principle), then if good to go, proceeds with a full mortgage application.

Commenting on the new technology Mark Ryan, IT Director said:
“Recent advancements in robotics have helped us overcome some of the challenges we previously faced when trying to automate application submissions, particularly with lenders’ legacy systems.

“We’ve invested heavily and have been working collaboratively with Extra Technology, the intelligent automation experts since last December. Five staff members are now certified Advanced Automation Anywhere professionals but all of our BTL advisers are successfully using the technology to submit applications to both Kent Reliance and Paragon.”

Initially Mortgages for Business engaged with Kent Reliance to develop and test the technology which extrapolates, manipulates and deposits data directly from the firm’s CRM database into Kent Reliance’s submission system.

“Automation improves the accuracy of information being input because it reduces the opportunities for human error. This means we can process applications much faster,” said Adrian Moloney, Sales Director of OneSavings Bank which owns the Kent Reliance brand.

While testing was taking place, Mortgages for Business approached other buy to let lenders to ascertain interest in adopting the technology and Paragon was first to respond.

“We are keen to exploit opportunities to improve the customer journey for our intermediaries and their customers. Therefore, when the opportunity to work with Mortgages for Business on robotic processing arose, we joined with enthusiasm. Roll-out was quick and straightforward, with the implementation highlighting the huge potential for enhanced technology to improve customer experience in our industry,” said John Heron, Managing Director of Mortgages at Paragon.

Mortgages for Business is now working to roll out the process with Precise Mortgages. It is believed that the firm is the only broker currently utilising robotics with multiple lenders across the buy to let sector.