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New affordability software aims to enable 10-minute applications

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  • 05/01/2017
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New affordability software aims to enable 10-minute applications
Equifax has partnered with fintech firm Castlight Financial to launch a real-time affordability platform which aims to drive down the time taken for mortgage applications to 10 minutes.

The platform will allow consumers the option to let brokers view their credit history with a summarised overview of their spending behaviour, giving brokers a clearer view of the client’s financial position.

Brokers will be able to access the details in an ‘affordability passport’ which will be generated by the applicant in a secure and private portal.

The platform gathers consumer data in real-time with a historic view of how the applicant manages their client. Equifax’s tool can also be integrated into existing origination platforms.

Last year, the Competition and Markets Authority published a raft of measures for banking products that to allow customers to share their data with other banks and third parties through the use of a single app, with the potential for significant opportunities in the mortgage market.

Bob Hunt, CEO of Paradigm Mortgage Services, which will be one of the first distributors of the new platform, said: “This tool significantly aids not just the client in understanding their true financial status, and their attractiveness as potential borrowers, but we believe it is able to offer a substantial benefit to the mortgage application process.

“With the advent of Open Banking and PSD2 we are about to see significant change in the accessibility and availability of data to clients, who can access their information in this type of secure environment.”

Jake Ranson, banking and financial institutions director at Equifax UK, added: “Working with specialist technology partners from across the industry is a great way to innovate on behalf of both clients and consumers so we are excited to be working with Castlight to deliver something unique to the market.”

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