90% of this broker's leads are self-generated thanks to organic search and AI

The UK mortgage industry is on the brink of a technological revolution. According to research from Smartr365, over 60% of brokers view technology as integral to the industry's future, with 86% believing it enhances the safety of the mortgage journey compared to traditional paper-based processes. What’s more, the UK AI market, currently valued at over £16.8 billion, is expected to grow to £801.6 billion by 2035.
Speaking to Mortgage Introducer, Chris Schutrups (pictured), founder of The Mortgage Hut, said that this tech shakeup doesn’t only benefit stressed out brokers – it actually supercharges the client experience if used correctly. Boasting 90% of their leads as being self-generated thanks to organic search and AI, Schutrups is something of an expert in the field.
“One of the big things that we do relatively well as a business is lead generation," he told Mortgage Introducer. “Integrating technology like automated ID checks and e-signed documents also moves customers further down the sales funnel more efficiently, reducing the workload on our advisers and allowing them to focus on providing higher-quality, personalized service.”
AI frees up broker face to face time
“[Furthermore], our AI-powered chatbot, initially loaded with thousands of customer inquiries, now utilizes extensive content from the Mortgage Hut website to provide real-time, accurate responses to customer queries,” he said.
One UK-based lender, MPowered Mortgages, reported that its AI-powered chatbot resolves 60% of broker inquiries, significantly freeing up human brokers to offer more personalized customer service, as highlighted by the Financial Reporter. However, according to Finova's 2023 report, only 13% of borrowers enjoy interacting with chatbots, and just 12% find virtual consultations with AI useful, indicating a preference for traditional methods – which Schutrups agrees with.
The adoption of back-office systems to facilitate remote working is another pivotal aspect of technology integration at The Mortgage Hut. Schutrups discussed the use of cloud-based platforms and communication tools that enable seamless remote operations.
Role of checks and measures in AI powered lending
"We use Slack for all communication,” he said. “It's super simple and, again, it enables me to communicate with a remote team really effectively, because everything's cloud-based and we have all the right data security in place so our team can work from anywhere.”
The use of these technologies, however, is something of a double edged sword – with significant implications for compliance and risk management within the industry.
"From a compliance standpoint, technology such as AI and automated systems help us maintain rigorous standards and ensure that all interactions are monitored and recorded, providing a clear audit trail,” Schutrups said. “But right now, it’s important to ensure that you know that there are checks and measures in place to make sure that we're still having amazing outcomes for our customers. AI definitely should be a tool – and it's a tool that's going to continue to learn and learn and learn and learn and get better and better and better.”