Marlborough Stirling has released a straight-through processing software package to the UK mortgage industry. It is expected this will deliver knock-on benefits to intermediaries by reducing transaction times, helping product innovation and enhancing service levels from lenders.
The integrated system was created by bringing together Omiga, Marlborough Stirling’s point-of-sale processing product, and Optimus, its back office servicing system. It supports lenders in the processing and servicing of mortgages, from pre-application through to the eventual redemption of the loan. Both products are several years old but have now been integrated into one up-datable system.
Phil Heaton-Jones, head of mortgage product management and consulting at Marlborough Stirling, said: ‘The UK mortgage industry is undergoing fundamental change with diversity a defining characteristic. Lenders need to drive costs down while being able to react to intermediary and consumer demand for flexibility and service.’
The Omiga/Optimus straight-through processing platform is already in use in Canada by MCAP and in the UK by Marlborough Stirling Mortgage Services and is capable of being implemented either as a full end-to-end platform or as a series of components to complement a lender’s existing infrastructure.