The deal allows the lender to use Mast's software entirely as a service origination platform
Melton Building Society has upgraded its partnership with mortgage technology provider Mast to power the mutual’s loan origination infrastructure.
Mast’s software used as a service origination platform will enable the building society to further enhance its underwriting capabilities.
Mast said its platform was the first cloud-native mortgage origination software built for the UK market. It added that lenders could configure the platform themselves, quickly create new journeys and products, change policies, control user permissions, and create automations.
Continuing its digitisation journey, Melton Building Society also selected Finastra Essence, a cloud-first, next-generation digital banking solution, for its core platform and Fairmort, a provider of software solutions for financial services, to manage its data migration and regulatory reporting.
In 2021, MBS Lending, a subsidiary of the Melton Building Society, partnered with Mast to revamp its technology infrastructure by introducing its online application portal for mortgage applications. After 18 months, MBS Lending has improved process efficiencies and increased their application to completion conversion by 22%. Melton Building Society is now looking to benefit from these improvements for its entire origination solution.
“Our vision is to build a modern mutual society that keeps pace with the demands of our members, and digital transformation plays a critical role in this,” stated Simon Taylor (pictured), chief executive at Melton Building Society. “Choosing Mast as our origination solution is a significant step in the society’s future, enabling us to revolutionise our application process, improve efficiencies and become more agile.”
Commenting on the renewed partnership, Joy Joseph Abisaab, chief executive at Mast, said Melton’s decision to upgrade and deploy the Mast platform for its full lending operation was a testament to the robustness of its product infrastructure.
“Our software has been built from the ground up to be self-service and to streamline all aspects of the mortgage origination process, from submission to completion, while giving lender users the essential tools to help them accomplish their tasks quickly and efficiently,” Abisaab added.
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