The technology, part of Electronic Trading Centre (ETC) software, has been implemented on over 100 full mortgage applications and AIP submissions in an effort to speed-up service and straight-through processing for the sourcing system.
The ‘next generation’ software allows lenders and packagers to transact deals at a quicker rate as all mandatory fields are completed prior to submission. The new format also integrates underwriting and business models through its goal:technology software. Any missing information is highlighted by a traffic light system and a simplification of form navigation and lender-specific branding are also part of the enhanced forms.
Bill Safran, chief executive of Trigold, said: “The increase in acceptance and use of electronic applications is one of the most significant growth areas of the intermediary mortgage market in the past year. Brokers, len-ders and customers receive tangible benefits delivered through a quicker and more robust process.”
However, Sean Hornsby, managing director of Mortgage 2000, was unsure about the enhancements to the sourcing system. He said: “It all seems very technical. I am not sure how it could cut down time other than through the repopulation of information which suggests that prior to this technology being added repopulation was not a part of its system.
“Whether it is playing catch-up or not I don’t know because other systems already include repopulation but at some point the broker has to put in the initial information so that it can be repopulated. It seems as if the ‘next generation’ technology it is using is very technical for something that is very simple.”
Trigold has also confirmed that the new technology solution will remain free to brokers when it rolls-out its own stand-alone ETC version within the year.
