The process, which uploads the client’s information onto the lender’s system instead of re-keying the information, is aimed at cutting down the time spent on the application by all parties involved.
Mortgage Choice said it is the first packager in the country to implement the system and added it is cutting the application time by 30-40 minutes per case as a result.
Doug Hall, sales director at Mortgage Choice, said: “We wanted to use better technology in the packaging process because, from a processing point of view, it would help our brokers if we spent less time handling the case.”
The packager launched the feature as part of an overall upgrade of its back office system, which has seen it cut its average application to offer time across its 10 lender panel members to 12 days.
Jonathan Naylor, managing director of Rooftop Mortgages, said: “It’s a clever piece of software as keying in information takes up a lot of time. It has hugely improved our risk as we are not having to key data in twice. This means you don’t get problems like typos and different postcodes.”
Mortgage Choice has planned to create similar links with its other lender panel members, with some ready to launch into the market in as little as eight weeks.
Hall added: “What we want to do is extend the system to our other panel members and we have already had discussions with Victoria Mortgages and Freedom. Ultimately, we want to do something with all 10 panel members as we want to help smooth the processing of the application as much as possible.”
