Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Finova Launches AI Application Agent to Streamline Mortgage Submissions

Finova has introduced a new artificial intelligence (AI) powered application service aimed at automating the mortgage submission process for brokers. The company claims this technology could collectively save brokers more than 4,000 working days each month across the industry.

The AI agent is designed to eliminate the need for brokers to manually enter customer data into multiple UK lender portals. Instead, it captures information from the broker’s CRM and fact find, then automatically logs into lender portals using integrated password technology to populate the required fields. If any information is missing, the agent requests it from brokers via WhatsApp or Slack before returning the completed application for final review and submission.

According to Finova, brokers currently spend around 30 minutes per application keying data into portals, with the time varying depending on the complexity of the case and the type of application. The company states that brokers average around 30 decisions in principle (DIPs) per month, and that widespread adoption of the AI agent could free up significant time for brokers each month.

Brokers nationwide can register to use the technology ahead of its beta launch in September.

This development is relevant to UK letting agents and inventory clerks as it highlights ongoing digital transformation in the property sector, with automation and AI increasingly being used to streamline administrative processes and improve efficiency.