MPowered Mortgages has launched a beta version of its ChatGPT-powered chatbot, named CriteriaGPT, to all brokers.
CriteriaGPT uses ChatGPT technology to answer complex criteria queries about MPowered’s residential lending criteria. The lender claims that brokers can receive answers to varied lending enquiries quickly and accurately, without the need for human intervention.
Brokers can apply to be part of the MPowered Beta testing programme by registering their interest online or by getting in touch with their local BDM. Feedback from the testing will help develop and improve the technology for its eventual whole-of-market roll out. The testing is set to be finished by the end of July, with a view to rolling out a full product in Q3.
Stuart Cheetham, CEO of MPowered Mortgages, 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.”