Features of the service include an intermediary portal for online applications and case-tracking, where online updates are given as the case progresses. There are also opportunities for large clients to design and build products and set scorecard-based underwriting criteria, and account servicing.
Scarborough chief executive John Carrier, believed the system, operated through its subsidiary SMS Mortgage Services, would give it an edge over many rivals. He said: “The technology available is enabling us to punch well above our weight and offer potential clients and customers a credible alternative to some of the more established large scale players.
“The message I would like to get across is that the continuing development of state-of-the-art technology now means outstanding mortgage origination and management support for third party processing clients is not exclusively the territory of the super powers in the industry.”
The society is also considering introducing automated valuation models (AVMs) in the near future to complete the service.
While the intermediary portal is currently only available to selected partners and new SMS clients, there are plans to open it up to general intermediaries in the future.
Kevin Paterson, managing director of Park Row Mortgages, said: “It is making a bold statement and must be reasonably confident. The system would have to be pretty good to compete with the other ones out there. I would use Scarborough BS if its rates and service standards were good. The end-to-end service would just be the icing on the cake.”
