Mortgage Adviser Rapid Fire | AI, Complex Cases & Expert Tips

What Takes the Most Time in a Mortgage Application?

Q: What do you think takes up most of the time in the mortgage application process?

A: It’s mainly two things: admin and finding products.

Admin takes a lot of time because advisers have to process bank statements, review credit files, complete fact finds, and handle a lot of paperwork. Today, technology can remove much of that burden.

The second challenge is finding the right mortgage products. Sometimes you need to speak with Business Development Managers (BDMs) at banks, and it isn’t always easy to get hold of them. Today, AI has simplified that process because you can use a virtual AI assistant to get many of the answers you need much faster.

Can AI Make Mortgage Advisers’ Lives Easier?

Q: Can AI genuinely make the lives of mortgage advisers easier?

A: Absolutely—100%.

We’re already seeing examples of how AI makes life easier. For example, at the beginning of the year when the war broke out, many advisers struggled to submit applications on time. Those who were using AI doubled, if not tripled, the number of applications they were able to submit.

Meanwhile, many of their colleagues struggled because they couldn’t process applications quickly enough while also speaking with customers. We’ve already seen successful examples of AI in practice, and its adoption continues to grow.

Which Tasks Should AI Handle?

Q: What is the one task AI should handle instead of the adviser?

A: Processing.

Processing is repetitive and extremely time-consuming. Advisers are here to advise customers—not spend their time processing paperwork. That’s exactly the kind of work AI should take over.

Will AI Replace Mortgage Advisers?

Q: Do you think AI will replace mortgage advisers?

A: No, I don’t think AI will replace mortgage advisers.

However, advisers who don’t use AI will start falling behind. Those who do use AI provide a better customer experience because applications move faster, allowing advisers to spend more time with their clients.

That’s the biggest advantage. When customers receive great service, they recommend you to others, leading to repeat business. In this industry, repeat business is one of the most important drivers of growth.

What Makes a Great Mortgage Adviser?

Q: What makes a good mortgage adviser stand out?

A: People come to mortgage advisers because they need help and someone to guide them through the process.

Advisers who provide that support will benefit greatly. But to do that effectively, they need help themselves—whether that’s assistance with processing, administrative support, or technology that makes their work easier.

When you combine support staff with technology, you free up valuable time that can be spent with clients. Follow that formula, and you’re setting yourself up for significant success.

The Biggest Challenges with Complex Cases

Q: What do you think are the biggest challenges advisers face with complex cases?

A: The biggest challenge is finding the right lender who can deliver the best outcome for the customer.

Many high street lenders aren’t comfortable with complex cases, so it’s up to the adviser to identify the right specialist lender. This is another area where AI can help by narrowing down suitable lenders quickly, making the entire process much easier.

Credit Issues vs Complex Income

Q: Which is harder to place—credit issues or complex income?

A: Both can be equally difficult, depending on how complex they are.

A skilled paraplanner can help identify the best solution for the customer. When that paraplanner is supported by AI, they can find suitable products much faster.

These cases often require lenders outside the high street, and specialist products can be difficult to find. That’s why the combination of experienced paraplanners and AI works so well.

Handling Complex Cases

Q: What happens when an adviser gets a complex case?

A: They pass it to our paraplanners.

Our paraplanners are highly experienced—they’re like superstars. Their role is to find the right mortgage product and achieve the best possible outcome for the customer.

They also use AI to speed up the application process. Even when a case is complicated, applications are processed much faster, leading to higher customer satisfaction.

The Most Complicated Mortgage Case

Q: What is the most complicated mortgage case you’ve ever dealt with?

A: One case involved multiple missed payments alongside very complex income.

The client received income from numerous different sources and never owned 100% of any company. In some businesses, they owned less than 20%. Those ownership structures and multiple income streams made the case particularly challenging.