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January 31, 2019

When AI says ‘no’ to your mortgage application

Imagine this scenario: A married couple working hard for a few years finally save up enough for a deposit on a small house. At last, they think, we can move out of this rented property into our own home. They fill out the necessary forms for a mortgage and send it off. Afterwards, for a couple of weeks, they eagerly await the postman every morning hoping that the brown envelope of acceptance will fall through the door onto their mat. Eventually something does arrive, but unfortunately it’s the brown envelope of rejection. They look disbelievingly at the letter and at each other. Why was their application rejected? The lady makes…