Ones to watch – MQube cuts mortgage origination from 11 days, to 15 seconds

At &us, we know that the mortgage process can feel painful for lenders and buyers alike. This is why we're highlighting organisations that offer innovative solutions to some of the biggest challenges across the home-buying journey. Check out the full list of innovators here, or read on to find out how MQube is drastically reducing mortgage origination processing times.  

Stelios Constantinidis, Director of AI, joined MQube in 2019 and, together with the rest of the team, is pioneering the use of AI to deliver instant mortgage decisions, shrinking the industry standard from weeks to mere seconds. As he puts it, “there is no reason, fundamentally, why mortgages should take longer than car insurance.” 

The challenge of mortgage origination

Mortgage origination refers to the entire process from when a broker or customer submits their application to when a mortgage offer is made or declined by the lending bank or building society. Traditionally, this involves substantial paperwork, manual document reviews, and duplication of effort. This culminates in an average decision making time of 10–11 days. Instead, MQube’s platform uses AI to automate significant parts of the origination process, transforming a lengthy, manual workflow into a seamless, automated experience.

From 11 days to 15 seconds

Through MQube’s platform, lenders can now deliver instant mortgage offers. In fact, MPowered Mortgages, a sister company of MQube, has been a trailblazer in this space. By leveraging MQube’s technology, MPowered Mortgages provides legally binding mortgage offers within 15 seconds of an application being submitted. This remarkable efficiency ensures that borrowers can secure their dream properties before losing out to competing offers or cash buyers.

MPowered Mortgages acts as both a testing ground and a deployment partner for MQube’s technology. By operating as a live residential lender, MPowered Mortgages competes with established banks and building societies, while refining MQube’s software in real-world scenarios. This iterative approach creates a feedback loop, enabling MQube to continuously improve its platform based on real-world insights.

The rapid processing capabilities of MPowered Mortgages and MQube’s technology bring significant advantages for all parties involved:

• For consumers: Faster decisions mean fewer delays, allowing buyers to secure properties quickly and avoid losing out to other bidders. In recent months, 50% of MPowered’s offers were delivered within a day. According to new research by MQube, consumers with an instant offer, such as cash buyers, can also save up to £30,000 on the listed property price. 
• For brokers and lenders: The automation of routine tasks reduces the administrative burden, enabling brokers to spend less time chasing lenders and more time assisting clients. The technology is designed to be as intuitive as popular apps like Google Maps and Spotify, ensuring a seamless user experience.

Instant AI document verification is paired with transparent, auditable decision making

One area in which AI has made a significant impact is document verification. Traditionally, underwriters spend 15–20 minutes cross-checking pay slips and bank statements for accuracy. MQube’s AI automates this task by extracting and analysing data from documents, ensuring consistency and flagging discrepancies instantly. “AI extracts information from documents, puts them in the right format, and then automates the manual workflow, but the decision-making remains interpretable and auditable.” 

Critically though, MQube separates AI-powered data extraction from decision-making. Decisions are based on transparent, rule-based systems that mirror lending policies, ensuring no bias or unexplained outcomes. Additionally, the AI can signal when it is uncertain, enabling human oversight where necessary.

Expanding adoption and the road ahead

The mortgage industry, traditionally slow to adopt new technology, is increasingly recognising the benefits of automation. With MQube’s platform already in use by MPowered Mortgages, Barclays and Citi, industry-wide change is on the horizon. Stelios believes that “in two to three years, the one-day mortgage will be the industry standard, much like next-day delivery has become the norm for online shopping.” 

When thinking about the field of AI more generally, Stelios claims that the focus is starting to shift away from relying entirely on large language models (LLMs) which can do lots of things to an average standard, to the launch of niche, smaller language models that are focused on excelling in specific fields. In addition, MQube has also packaged its AI functionality as standalone products that can be adopted independently of the origination platform. This functionality includes document extraction, a policy chatbot and a call analytics tool. This flexibility will further drive adoption and innovation in the sector.

MQube’s use of AI is setting new benchmarks for efficiency, transparency, and user experience in the mortgage industry. By transforming a historically slow and manual process, MQube and MPowered Mortgages are not just meeting current consumer expectations but shaping the future of home financing.

Looking to explore AI and other options to improve your mortgage experience?

Whether you have an idea you want to explore, or you’re not sure where to start, the Greenhouse can help.