The vast majority of successful brokers are now heavily reliant on lenders’ web-based systems for transacting business and in today’s market, it is difficult to see any lender who is serious about this distribution channel not having some form of online offering now.
Huge advances
Platform, the intermediary lender of Britannia Building Society, has made huge advances in recent years to ensure its online proposition is both highly competitive and customer-friendly.
In line with the introduction of statutory industry regulation, Platform launched its online Pre-Sale Key Facts Illustration (KFI) facility, known as ‘clickkfi’ in November 2004. This facility enables mortgage intermediaries to obtain the necessary information needed prior to obtaining a decision to lend.
In July 2005, following extensive research with intermediaries to understand their needs and frustrations with current online offerings, Platform launched its online decision facility ‘clickdecision’, providing intermediaries with a binding automated decision in minutes. This facility, which links directly into Platform’s cascade underwriting facility, ensures that intermediaries only need to submit a decision once, as the system will advise which scheme the applicants credit profile will fit. The technology used to develop this facility allows for the sharing of data between online KFI and online decision to minimise data entry duplication.
Working towards common online standards
Aside from enhancing its own online offering, Platform is fully committed to working with other lenders to establish common e-commerce standards across the mortgage industry. In July 2005, Origo, the body set up to facilitate this, announced it was developing an implementation plan. As an Origo supporter, we are behind its efforts to strive for commonality and there has been a steady stream of new mortgage lenders joining the initiative, which is boosting sponsorship.
In July 2006, Platform undertook the final step in its online transition by launching its electronic application facility ‘clickapplication’. This tool was the final piece in the jigsaw which allowed the whole sales process to be completed online by uniting all of its electronic capability under one roof for the first time.
Clickapplication converts KFIs to decisions, to applications and allows packaged and unpackaged cases to be processed with increased efficiency.
By offering a fully electronic mortgage sales process, Platform is now in a position to successfully meet the demands of an ever more dynamic and competitive business environment.
