How automation helps commercial mortgage applications

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After a commercial mortgage or a buy to let mortgage application has been approved in principle, documents, valuations and legal work is required before the funds can be released. Automatic systems are being used by some lenders to make this process quicker and more accurate.

Automated systems do not usually make decisions about approving a commercial mortgage application; humans are still required to make the initial decision. In the future, artificial intelligence systems could make some loan decisions, but it is unlikely they will be used for bridging loan applications as they tend to be more complex.

Before a loan application can be processed, information about the lender and the reason they need a loan must be inputted into the system. Automated processes can check the data inputted and spot errors. After a human assessor has approved the loan, automatic systems can generate the Agreement in Principle document so the full mortgage application can then proceed.

Further documentation and information are needed to prove the financial status and identity of the business or individual making the mortgage application. Artificial intelligence systems can be used to check all this information.

Commercial mortgage applications take time to process, and further delays are caused when inaccurate information is submitted. Automated systems are beginning to be used, but more systems will be implemented in the future. The goal is to use technology to improve the experience of the customer and the mortgage broker, and to make the whole mortgage application process quicker and more efficient.

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