MQube, the parent company of mortgage lender MPowered Mortgages, has partnered with banking software firm, Thought Machine.

The partnership will allow banks, building societies and non-bank lenders to make real-time decisions on mortgage loans, giving customers more timely and accurate loans and mortgages.

Thought Machine is a cloud-native banking technology company providing core banking and payment solutions. The firm’s partnership with MQube will streamline processes for lenders by offering them a holistic solution which utilises both its core banking platform, Vault Core, as well as its artificial intelligence-driven mortgage platform.

MQube’s mortgage origination platform, which is used by MPowered Mortgages, uses AI and data to speed up and simplify every part of the mortgage journey by focusing on better customer experience, higher certainty and more control.

“Banks, building societies and non-bank lenders have been slow to both adopt and integrate the latest technologies into their business models,” MQube and MPowered Mortgages CEO, Stuart Cheetham, said. “Their legacy technology adopted by banks has resulted in a long and arduous mortgage journey that borrowers complain about. This remains a key problem for banks and leads to unhappy customers.

“This partnership allows us to offer banks, building societies and non-bank lenders a solution to this age-old problem, with smoother banking and a faster mortgage process resulting in more satisfied borrowers and a streamlined solution to their financial affairs.

“Our mortgage platform, which is available to all mortgage brokers nationwide, has changed the mortgage process for the better and improved the way our brokers do business. We are excited to extend the benefits of our platform to banks, and work with Thought Machine to improve the entirety of the mortgage and lending ecosystem.”

Managing director, sales, EMEA at Thought Machine, Liam Leahy, added: “Building societies, banks and non-bank lenders risk being left behind if they fail to adopt modern technology now. Mortgage customers want a fast, simple, and efficient service – which existing, outdated technology platforms are failing to deliver.

“By offering personalised products that can meet customers’ specific needs – in contrast to the ‘one size fits all’ approach that currently causes frustration and delay for mortgage customers across the country – mortgage providers will be able to grow their customer bases and increase their market share.

“We’re looking forward to working with MQube in streamlining and simplifying the entire mortgage process for providers and their end customers nationwide.”

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