Blog written by Maarten Tellegen, Director of Hypact Advisor
Extra Eyes, Ears, and Hands
At the moment, mortgage advisers need to compile a wealth of data to present to lenders when arranging a mortgage for clients. This data includes both structured information, like income and nationality, as well as unstructured details gathered from conversations with clients. Now, with AI in place, handling all this data has become more efficient. For example, AI can extract specific information from documents, such as a client’s date of birth from a passport or income from an employer’s statement. Additionally, AI can convert client conversations — previously unstructured data — into structured information through text generation, which is then automatically integrated into the correct section of the advice report. This process saves advisers a significant amount of manual effort.
Moreover, the AI rule engine can perform checks and draw conclusions. If, for instance, the date of birth is inconsistent across documents, or if the conversation reveals that the client is an expat who has been in the Netherlands for less than six months (a status many lenders do not accept), the adviser receives an automatic alert. In this way, AI serves as an extra pair of reliable eyes, ears, and hands, allowing advisers to work with greater confidence and accuracy
Knowledge becomes the new gold
Advisers are already using these tools, but in the future, AI will bring even more value. Think about automatically building a knowledge base that can be used interactively, allowing mortgage advisers to answer questions from (potential) clients via chat. This knowledge base also safeguards expertise within the firm. Complex cases, such as a unique entrepreneurial profile or an expat with a special contract, can be added to the knowledge base. This way, knowledge remains within the organisation (even if an experienced adviser leaves), and the team learns from each other more quickly. Knowledge thus becomes a valuable asset for the business, enabling more and higher-quality advice reports. There are already plenty of opportunities here for advisers. The next step is real-time assistance, where an AI-powered application ‘thinks along’ during the intake or advisory conversation and alerts the adviser if something unusual is detected. Imagine how valuable that could be for younger advisers!
First-time right
Will these applications make advisers redundant? Certainly not. Even when AI is used, the adviser’s role remains just as essential. What’s left for advisers to do is precisely the core of their job: engaging in meaningful conversations with clients and providing sound advice. The difference is that the administrative burden is significantly reduced, making the process smoother for the end client. The benefit for the end client is mostly in speed. The biggest source of frustration is delays. Delays slow down the mortgage process, creating stress and confusion for clients. Because the AI rule engine brings the main checks to the forefront of the mortgage process, the likelihood of delays is much smaller. This is what we call a ‘first-time right’ process. In fact, we are even moving closer to straight-through processing.
Broad accessibility
That all sounds great, but how can an ‘ordinary’ adviser apply this? You need an AI platform that can do all of this. For an average firm, it’s unfeasible to develop something like this themselves. And if you want to keep evolving the platform, you need scale. That’s precisely why I had Hypact Advisor, the platform I initially created, acquired by Yellowtail Conclusion. This acquisition has made the platform widely accessible to other advisers as well. Hypact Advisor provides an integrated environment for advice, mediation, and communication. Now, with AI added, it has enhanced capabilities to improve and accelerate the mortgage process for both advisers and clients.
And there’s more to come
And there’s much more exciting progress on the horizon. I dream of a perfect data model for the sector, one that offers insights into what each mortgage provider does and doesn’t accept. However, there is still a lot of ‘soft’ or ‘grey’ data that needs further structuring before significant AI steps can be made within an application. Everything hinges on quality data. Unlocking that information to further improve Hypact Advisor is the real art and the challenge for the future of mortgage processes.
Would you like to know how Hypact Advisor can benefit your advisory firm? Schedule a demo or contact us for a no-obligation consultation.
