The initiative has been set up to increase e-commerce in the marketplace, help integrate systems and increase efficiency across the mortgage sector.
The initiative has the support of the Association of Mortgage Intermediaries (AMI) and is available to all lenders, intermediaries and technology companies in the market.
As part of the initiative a number of factors have already been considered, including demands for standards for decision-in-principle and application-in-principle procedures, in addition to key facts illustrations, full application and case-tracking.
The issues of sourcing and proc fee reconciliation have also been highlighted by the Origo plan.
HBOS has confirmed it will add its input to Origo to work on industry areas it feels need improving or investigating.
Jack Saxton, managing director of Halifax Intermediaries, said: “We have been in close consultation with Origo for a number of months now. There is a clear demand from intermediaries for a common approach to an e-standards market and we are delighted to be working so closely with Origo to develop the proposition further.”
Paul Hunt, head of marketing at Platform, added any moves to improve e-commerce and e-trading should be welcomed. “It is important to set common standards throughout the industry and the e-trading and e-commerce environment is changing rapidly. People deal with it on a daily basis in the mortgage investment and insurance markets so we need to investigate ways to simplify this process and make it as easy to use as possible.”
Origo has confirmed it will be continuing its drive to improve e-commerce in the marketplace, and expects to announce more additions to its initiative in the coming months.
