Mortgage brokers are increasingly turning to artificial intelligence tools to keep pace with a rapidly changing lending market, as frequent repricing forces advisers into a race against the clock to secure mortgage deals for their clients.
In recent weeks, lenders have adjusted mortgage pricing several times within short periods, with some products withdrawn only hours after launch. With the average mortgage rate now sitting at around 5%, the highest level in roughly 19 months, brokers say the pace of change is creating significant operational pressure.
For advisers the challenge has shifted from merely sourcing the right mortgage product to securing it before it expires.
Repricing pressure creating urgency for brokers
Advisers say the current market environment has made speed far more important than before.
Some lenders have adjusted rates several times within the space of a few weeks. In certain cases products have been withdrawn on the same day they were introduced.
Preparing a mortgage application traditionally takes time. Brokers must review documents, analyse bank statements, verify income and complete compliance checks before a case is ready for submission.
When lenders move pricing quickly this traditional workflow can struggle to keep up.
Increasingly brokers are turning to artificial intelligence tools to help manage these tasks. Many of these systems use technologies such as optical character recognition and automated data categorisation to extract information from bank statements, tax documents and payslips in seconds.
By identifying income patterns, categorising expenditure and organising financial records automatically, AI can significantly reduce the time required to prepare an application.
Brokers reporting higher application volumes
Some advisers say the use of AI supported systems has helped them increase the number of applications they can process during periods of market volatility.
Anoj Fernando, mortgage broker at WIS Mortgages, processed 10 mortgage applications in a single day, a feat he attributes to AI driven automation helping reduce administrative work.
Fernando said automating parts of the documentation and data entry process allowed him to move cases forward much faster during a period when lenders were frequently changing rates.
Meanwhile David Clift, mortgage broker at Greenstone Mortgages, said he completed two months’ worth of case submissions in just two weeks.
Clift said AI supported platforms helped simplify tasks such as analysing documents and preparing application data, allowing advisers to process cases more efficiently at a time when speed has become critical.
AI helping brokers stay ahead of market changes
Brokers say one of the biggest advantages of artificial intelligence is its ability to help advisers respond more proactively to market movements.
Rather than relying solely on manual lender updates, some systems track criteria adjustments and rate changes across the market. This allows brokers to identify opportunities earlier and act before products disappear.
Rate changes are happening far more frequently now, which means brokers often have to move quickly before products are withdrawn.
In the past a broker might spend most of the morning preparing one application. Now the market can move in that same window.
We’re starting to see a shift where the Saturday morning mortgage application is becoming a thing of the past. If you do not have your data ready by Friday afternoon, the deal may be gone before you have even finished your coffee.
AI streamlines the heavy lifting of document analysis and organises financial data much faster than manual processes. It also helps brokers monitor market changes so they can respond earlier rather than reacting after deals have already disappeared.
Technology supporting advisers rather than replacing them
Despite the growing use of automation, brokers stress that artificial intelligence remains a support tool rather than a replacement for advisers.
Mortgage applications still require professional judgement, client conversations and suitability assessments. These responsibilities remain firmly with the adviser.
Instead, AI helps brokers handle the time consuming administrative work behind each mortgage application.
With lenders continuing to adjust pricing and interest rate expectations shifting frequently, many advisers believe technology that improves efficiency will become increasingly important.
In the current market environment the challenge for brokers is no longer just identifying the right deal for a client.
It is being ready to secure that deal before the pricing changes again.
