Some of the newer lenders to the party are using XML to transfer data and give basic results often backed by their own soft credit search.
Promise Specialist Lending has completed XML integration with Shawbrook, its seventh second charge lender integration, and says more are due for completion in coming weeks.
The move will allow for faster more accurate lending decisions, with just a click of a button to get the result. And when combined with a sourcing system it allows technology to display only the qualifying plans and perform credit scores and run lenders affordability checks.
Steve Walker, managing director at Promise Specialist Lending, said: “For most second charge lenders, XML integration is new and they are all at different levels of sophistication and features. However we want to be at the front of the queue so we, our brokers and their clients can benefit from any efficiencies available.
“Promise has had an integration with a credit bureau for 10 years which allows our sourcing system to undertake a detailed soft credit search and apply the results to applicable lenders rules. Of course there are referral rules to deal with marginal cases but this feature instantly makes quotes far more accurate and relevant.
“Nemo developed a process which would also apply lender rules and their credit search and then populate our sourcing system with only the applicable products. Optimum has taken the complexity to another level as they don’t provide any criteria we can map to. Instead our sourcing system needs the ability to create and display any combination of rates / fees Optimum might offer us.”
Some of the newer lenders to the party are using XML to transfer data and give basic results often backed by their own soft credit search.
But Walker added: “With affordability calculations differing for every lender, different approaches such as Income and expenditure versus ONS statistics and different level of documentation available, no two lenders offer the same service. This is the area some now need to start working on.
“However the delays in manually checking creditworthiness and affordability with numerous lenders is coming to an end which makes the whole process smoother for everyone. The day is fast approaching where all of this can be done from the results page of Promise’s sourcing system Loan Brain so brokers can run the lenders criteria, credit search, affordability calculations, ID checks and so obtain far more accurate quotes instantly.”
