It aims to launch the system by March 2007.
Alistair Hancock, chief executive of Rubicon, commented: "With the launch of our new platform, packagers will be able to source non-conforming loans and mortgages very accurately. The system also includes automated underwriting and packaging to improve the quality and speed of the whole process from enquiry to completion.”
Mark Peters, commercial director of Rubicon, added: “The system is aimed at packagers who believe that accurately sourcing non-conforming loans and mortgages, in technology terms, is the next ‘Killer Application’. Our solution is highly configurable and flexible so that each client’s requirements can be accommodated in a tailored-solution at an off-the-shelf price. A client can define which lenders and which products to use and their own team can setup how enquiries and applications are processed. We are planning to provide product maintenance as a service but can also support packagers who wish to manage their own exclusive products.
“Clearly, in designing this system we have had to consider the cost implications and, from the trials we have undertaken, we believe that administration costs can be cut significantly, often delivering return on investment in less than twelve months. Overall, we believe that our system addresses the four key needs of our clients: improved customer service, increased efficiency/lower costs, adaptability and, most importantly, affordability.”
