The system features Promise Quote, an automated online underwriting system with integrated credit search.
Steve Walker, managing director of Promise Finance, said: “Whilst there are many other features and benefits yet to be added, we’re introducing this service to the market earlier than we initially intended as a result of demand from existing and new brokers who have seen our technology and want to take advantage of it straight away. The underwriting engine is hugely powerful and stands up as a fantastic proposition in its own right. We will add the other bells and whistles in due course.”
Brokers using the Promise Solutions Network will be able to source secured loans from a panel of 13 lenders, filter the product their client requires and at the press of a button, the issuing of all documentation and customer liaison will be taken over by Promise Finance. Promise claims that due to the depth of the rules within Promise Quote and the integrated soft credit search, the decisions are highly accurate and introducers will have options to vary the fees charged and see exactly how much they will earn before submitting the application.
Promise Solutions Network will provide online registration, automated underwriting with integrated credit search which acts as a filter facility, a commission illustration prior to submission, live case tracking and numerous other tools. Other elements which are already internally operational within Promise, and are to be added shortly, include marketing toolbox, generic lender needs, secured loan training and accreditation module, document printing and more detailed lending requirements based specifically on individual customers’ circumstances.
Walker added: “Not every intermediary will want to accurately source secured loans. Therefore we will shortly build in a simple secured loan or mortgage referral process whereby Promise will do all of the work from initiating contact with the customer, via our contact centre, right through to completion.
“However, we also recognise that intermediaries wish to retain control of the sales process rather than simply hand their customer over to a broker. Importantly, because the introducer owns the sales process there is less work for us to do. It is therefore only right that the introducer should earn higher commission rates for doing more work and we can afford to part with more commission as we are doing less. Because of these factors, we expect the secured loan network to not only offer fast, efficient and convenient service to introducers, but also to pay market leading rates of commission.
“To add even further value, brokers will also be able to order Home Information Packs and monitor their progress via Promise Homepacks which allows intermediaries to take advantage of a major opportunity to insert themselves earlier into the buying/selling process and generate further income opportunities.”
Meanwhile, Promise Quote is seen by Walker as having numerous other applications within the finance arena. “On a business to business basis we can now provide a great stepping stone for lenders entering the secured loan arena to gain distribution and to test their products in a controlled environment. Lenders are also approaching Promise to use a white labeled version to offer a whole of market secured offering for their NTU’s and declines or to discuss how to integrate the technology into their collection process and refinance their delinquent accounts and those on the cusp. On a business to consumer basis the appeal is obvious especially for those customers fed up of being given the run around by so called comparison sites which simply multi prop applications to numerous providers.”
