Approved by the mortgage governance group, eMortgage Forum, these new standards will complete coverage for the mortgage sales process for Mover, Re-Mortgage and Buy to Let products. They follow on from the successful delivery of Pre Offer Key Facts Illustrations and Application in Principle standards earlier this year.
Standardising these business processes will help streamline data transfer between intermediaries and lenders’ systems, ultimately enabling straight through processing for mortgage sales.
The standards will also help:
- Integrate services on lender websites, thereby reducing re-keying of data
- Effectively communicate timely product information to the marketplace
- Assist intermediaries in the tracking of mortgage loan applications
Jack Saxton, managing director of Halifax Intermediaries, added: “We have seen a huge increase in the amount of online business for mortgages in recent years and by using standards, we can achieve straight through processing for the entire mortgage sales process.
“A standards framework will help ensure processes are streamlined so we can make the efficiencies the market needs in the long term and ultimately deliver faster services for intermediaries.”
Paul Pettitt, managing director of Origo, concluded: “With such appetite for eServices in the mortgage sector it is vital that we achieve the interoperability of systems through XML data standards. These latest standards will be of great benefit to intermediaries and also a substantial resource for the industry, saving an enormous amount of time and effort for any organisation wishing to offer online Full Mortgage Application, Tracking and Product Data services.”
Any lender wishing to use Origo’s standards or consider joining the eMortgage Forum should contact Rankine Agnew at Origo on [email protected] or 0131 451 5181.
