Finova launches AI mortgage application agent for UK brokers

By Milan Rojan

Finova has unveiled what it says is the UK’s first whole-of-market AI-powered mortgage application agent, designed to streamline the mortgage application process by eliminating manual data entry across lender portals.

Gareth Richardson, Chief Executive Officer 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.”

The new solution has enabled information captured during the broker fact-find process to flow directly into lender application systems, reducing the need to re-key customer details and helping advisers complete applications more efficiently. The launch formed part of Finova’s broader Future of Lending strategy, which focused on digitising and automating mortgage origination while keeping brokers in control of the application process.

According to Finova, mortgage brokers typically spend around 30 minutes manually entering customer information into lender portals for each application. The company has estimated that, if adopted across the UK mortgage broking industry, the technology could save more than 4,000 working days each month.

The AI agent has collected customer information from a broker’s CRM and fact-find records, logs into lender portals using integrated password management, populates application fields, requests any additional lender-specific information where required and returns the completed application to the broker for review before submission.

The solution is expected to enter beta testing in September, with registration now open for brokers across the UK.

Finova said it has planned to introduce additional AI-powered capabilities within its Broker Hub in the coming months as it has continued to expand digital tools aimed at improving efficiency and customer experience across the UK mortgage market.