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Stonebridge’s AI technology performs 800k checks in first six months

Press Release:

Stonebridge, the national mortgage and insurance network, has today (16th November 2021) announced its Check, Action & Resolve (CAR) system has surpassed over 800,000 checks across 21,000 mortgage transactions.

Launched in May this year, CAR is an early-warning system, exclusively-available to Stonebridge appointed representative (AR) firms and their mortgage advisers.

Once an adviser makes a recommendation for a mortgage product, the CAR system automatically runs a series of checks applicable to that recommendation, identifying, for example, where key supporting information needs to be added and displaying helpful reminders for outstanding mandatory documents on the network’s proprietory ‘Revolution’ system.

Completely free to use, with no additional cost to the firm, CAR performs its automated routines on all mortgage cases (except on equity release) including Product Transfers. It has been designed to support case quality and administration, setting expectations for advisers and timelines for any outstanding actions.

Stonebridge has revealed that since launch, of those mortgage advice instances reviewed by the CAR system, 99.7% were completed successfully by the adviser following the system’s intervention. Over 90% of Stonebridge AR firms have achieved a 100% completion rate thanks to CAR and the process.

CAR is an additional tool for Stonebridge firms to assist with achieving a fully-compliant file and is deployed along with other support from the network focused on quality of advice and record-keeping.

The system already checks over 42 document and factfind areas, with testing currently ongoing which will result in a further 40 measures being added.

Rob Clifford, Chief Executive of Stonebridge, commented:

“Six months after we designed and built the CAR system into our Business Standards function we are very pleased with the roll-out, the number of cases being auto-checked and the incredibly high success rates we have seen for completions. We’ve invested heavily for over two years in applying artificial intelligence and robotics to mortgage advice and regulatory compliance – CAR is a great example of the benefits of that investment.

“Our aim with the system was to help advisers easily identify the ‘gaps’ they needed to satisfy with every specific mortgage case, and to timetable the inclusion of those documents and information in order to ensure both speed and quality of service to the client.

“With the vast majority of firms achieving a 100% success rate in terms of completion, and 99% of cases completing prior to the deadline for remedial action, we are now looking at ways we can expand CAR in order to cover further information requirements for the adviser and maintain the overall high advice and record-keeping quality.

“CAR has now become a regular part of the process, running intuitively in the background of our AR firms’ business processes. It’s yet another example of how we provide tools for mortgage advisers to be as efficient as possible, using technology which often isn’t available elsewhere.”


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