Stonebridge has reported that its Check, Action & Resolve (CAR) system has surpassed over 800,000 checks across 21,000 mortgage transactions in the first six months of the service.

The mortgage and insurance network launched CAR, an artificial intelligence (AI) early-warning system, in May this year. The system is available exclusively 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 where key supporting information needs to be added and displaying reminders for outstanding mandatory documents.

Stonebridge’s data showed that since launch, 99.7% of mortgage advice instances reviewed by the CAR system were completed successfully by the adviser following the system’s intervention. Over 90% of Stonebridge AR firms have also achieved a 100% completion rate because of the CAR 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, which focuses on quality of advice and record-keeping.

Stonebridge chief executive, Rob Clifford, 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.”

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