A ChatGPT-powered chatbot has been launched by MPowered Mortgages for all of its brokers nationwide, in an attempt to improve its online chatbot service.
The fintech mortgage lender has launched the beta version of the ChatGPT-powered bot, CriteriaGPT, as of 21 June and is available for all brokers to test.
MPowered Mortgages was the first lender to speed up and simplify the mortgage journey using AI for homebuyers and remortgagers and will use CriteriaGPT to answer complex criteria queries about the firm’s residential lending criteria without the need for human intervention.
Brokers can be part of the testing programme by registering their interest online or by getting in
touch with their local BDM. Feedback will then help to develop and improve the technology for its eventual whole-of-market roll out.
Testing is expected to be finished by the end of July, with a view to rolling out the full product in Q3 2023.
CEO of MPowered Mortgages, Stuart Cheetham, said: “At MPowered Mortgages, we are constantly looking at ways we can both improve the broker journey and the time it takes to get a mortgage offer, using AI driven technology.
“One of the main reasons for a broker contacting a lender is to get a detailed understanding of lending criteria. So, I’m delighted to announce this development which is aimed at making brokers’ lives easier.
“ChatGPT is the latest innovation in chatbot technology, and perfectly augments our own in-house proprietary AI which is live in the market. We’re delighted to be working with brokers to test how we can integrate this into our lending enquiries process, with the aim of delivering an enhanced tool to all brokers very soon. AI is already driving innovation in the mortgage market, and we know few have the capability to drive this forward like MPowered.”
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