Lendex is currently being piloted. Current lenders represent 32% of the market, with a further two expected to be live in the near future.
Mortgage technology business Mortgage Brain has added Coventry Building Society, NatWest and Platform to Lendex, its multi-lender submission and application gateway.
Lendex is currently being piloted, with a further two lenders expected to be live in the near future.
Current lenders available via the gateway represent 32% of mortgages sold in the UK.
Letters of intent have been signed by a number of other lenders, including Lloyds Banking Group, which will see the proportion of the market rise to 57%.
Lendex is a free service which allows brokers to request and obtain a decision in principle (DIP) and submit full mortgage applications directly to the back-office systems of participating lenders.
The system allows brokers to digitally complete, submit, administer and track applications.
A number of mortgage advice firms are actively participating in the pilot, as part of a planned phased launch over the coming months.
George Williamson of Mortgage Advice Brokerage, which was the first brokerage to place a case using the system, said: “Lendex is so easy to use that its benefits can be realised quickly by all.
"It’s very important to be able to request a DIP and submit a full application on the same platform, as this drives improved productivity.
"It’s a great leap forward and far better than anything else I’ve seen.”
Mark Lofthouse (pictured), chief executive officer at Mortgage Brain, said: “We’re really pleased with the way that brokers have adopted Lendex and the positive feedback about its ease of use and how it benefits their business.
"It’s important to have a complete end to end journey from initial enquiry through to application submission and the Mortgage Brain proposition delivers this.
"We know from our conversations with brokers who’ve worked with us throughout the development and piloting of Lendex that it delivers on the promise of obtaining a DIP quickly and the reuse of information already held to efficiently submit and track full applications.
“The lenders already taking part recognise the quality of applications being received and how the mortgage application process is being streamlined for the benefits of brokers, their clients and lenders alike.”
