Smartr365 confirmed it will be live with three lenders by July, which will offer close to a 50% coverage of the mortgage market.
The broker application support software, Smartr365, supports an application programming interface (API) allowing a broker to get a decision in principle or submit a mortgage application with one keystroke.
Conor Murphy, director, Smartr365, said brokers using the system do not have to re-key data or do any extra administration to submit the application after the client has filled in the consumer-facing application online.
Capricorn has invested hundreds of thousands of pounds on creating the infrastructure, systems and integrations to allow this to happen, and submitted itself to a raft of security audits and checks from lenders over many months to complete the background integrations. Each lender is working on a different API so all updates must be completed individually for each lender and can never be done en-masse.
The Smartr365 model is to manage all of these integrations centrally and then to allow other brokers to integrate behind us, so creating efficiencies for the whole industry.
“We are exclusive with a number of these lenders so nobody else is doing this right now,” said Murphy.
“We are also engaged with a number of brokerages with a view to them integrating behind us. This way they will get access to this automated submission route as soon as we do. We are happy to offer this service to every broker out there.”
Several so-called robo-advice technologies have launched including Trussle, Habito, Dwell, 360 Dot Net and Smartr365 taking either the adviser servicing and support route like Smartr365 or 360 Dot Net or offering the full online-only route like Trussle.
Trussle announced a partnership with challenger online bank Revolut yesterday, which will feature a link to Trussle’s mortgage broking services on the home screen of its app and already has a similar deal with estate agency website Zoopla.