APAC Systems – headed by Trigold founder Peter Heigho – has launched a software system for intermediaries called LenderGateway with mortgage sourcing and client management included in one package.
The software is cloud based and will hit the market after two years of development and eight months of testing with 80 directly authorised brokers, while APAC Systems has invited other brokers to try out the system for free for three months.
TFC Homeloans and SMS are currently using the system exclusively while over 3,000 directly authorised brokers have pre-registered to use the system.
Peter Heigho, managing director of APAC Systems, said: “When I designed Trigold I said if I could build something which links all men I would be a very rich man – now we can.
“Nothing has ever been done like this before. You could run your entire business using just this software.
“LenderGateway is undoubtedly the most comprehensive, advanced and intermediary-friendly software available in the UK today.
“I understand what brokers and distributors need from their technology and have created a winning combination of market-first features with reliable data, wrapped in a fully FCA-compliant package.
“With 1,500 DA firms already registered to use the system, it’s clear that the mortgage intermediary sector is ready for the next evolution in business support systems.”
The sourcing element, called Smart Source, enables the comparison of first charge remortgage, secured loan and bridging products – side by side if required with a green light indicating when the user is saving money and a red if they are choosing a more expensive deal.
Users can also conduct an Equifax credit search, while using SmartCRM brokers and distributors can move from enquiry to application on lenders’ systems.
The system utilises SmartForms, a piece of technology which will convert a broker’s factfind or ‘contact me’ form into the sourcing system and across the whole LenderGateway.
Currently three top 10 lenders are on board – with one already integrating the software.
Heigho added: “I am going to let brokers try out the software for three months because they have been badly bruised by the credit crunch.
“I already have three top 10 lenders who said they want to use the software. Of those three one has started work, one wants to start at the end of November and one wants to start as soon as possible.
“From January 2016 I should be able to announce another lender every month.
“We had a chat with Nationwide 18 months ago and it said prove to us that it works with other lenders and come back to us.”
He explained: “We’re targeting directly authorised brokers. We’re not looking at the larger networks because they are already tied in with contracts.
“There are 14,000 directly authorised firms and if you get 10% to 15% of them on board you have a sizable business."
Once LenderGateway is up and running brokers will pay from £15 for the basic sourcing system to £55 per month for all of its features.
Heigho said: “We’ve invested a lot of money. We could have cut corners but people would have noticed.
“If in three years a third of the market is using my system I will be running a reasonable profit.”
Ian Balfour, chief executive of Solent Mortgage Services, said: “We have been delighted with our bespoke version of the system, which we call 1App@SMS, as it provides our introducers with product comparisons, quotes and completed application forms for signature.
“The software enables better decision making for brokers as the lender rules sit behind the questions, which means the client’s circumstances meet the right lender’s criteria at the beginning of the process.
“As we develop the system, it will form part of our back-end process to manage applications through from AIP to completion, keeping introducers in touch with vital stages on the path and producing better client outcomes.”
Nigel Payne, managing director of TFC Homeloans, which has trialled the software, said: “I’ve been in the industry for 25 years and heard a lot of promises about technology, but LenderGateway is by far the most advanced system I’ve seen.
“It has had a tangible impact on our efficiency and working processes over the last eight months and the sourcing element of the system is second to none.”
