The new system is designed to address the need for timely, consistent and compliant information to clients and intermediaries, and can produce output for Key Facts Illustrations (KFIs) across multiple systems.
Moreover, Marlborough Stirling's development approach means that the cost of addressing such regulatory change is much reduced by sharing the expense across its entire user base.
Alpha+ offers lenders and brokers a number of business benefits:
- a stand alone calculations engine that can be utilised by existing systems using an XML interface
- a single source of projections and illustrations, replacing multiple legacy systems and removing the risk of inconsistent or resource intensive calculations
- rapid new product development and simple tailoring of existing products to reduce time to market
- swift response to regulatory change, ensuring ongoing compliance
- reduced future cost of compliance through shared development.
Alpha+ already supports a number of financial services companies and has now been developed to meet regulatory requirements for the consistency of calculations throughout the mortgage lifecycle. This offers lenders a proven solution at a time when many continue to wrestle with the complexities of maintaining an effective calculations capability within their own businesses.
Alpha+ can be integrated with a range of client applications including internet banking and web-based services, regulated point of sale systems, mortgage processing systems, administration systems and free standing quote engines. According to client need, Alpha+ is available as either a stand-alone product or as part of a broader solution implementation from Marlborough Stirling.
Phil Heaton-Jones, head of mortgage product management and consulting at Marlborough Stirling, comments:
“A key aspect of the Alpha+ design is the ability to respond quickly to change in regulatory requirements and product design. It frees up lenders and brokers to focus on core business activities instead of investing in costly systems updates. Many lenders are operating multiple calculations systems due to outdated legacy platforms, disparate systems development and acquisition activity. As a result of impending regulatory change, these companies will be facing major challenges across their systems that may severely hinder their ability to operate efficiently, cost effectively, and compliantly.”
Alpha+ is a single solution that can carry out the underlying calculations in:
- Key Facts Illustrations (KFIs)
- Offer documentation
- Mortgage projections with respect to:
- capital and interest
- interest only and part & part
- multiple components with differing terms and rate structures
- further advances
- secured and unsecured lending
- lifetime mortgages
- discounted, fixed and capped rate structures
- daily, monthly and annual rest products
- flexible mortgage features
-mortgages supporting the principles of the Islamic faith
