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API-driven ‘one-touch’ mortgage application strategy endorsed by brokers

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  • 13/10/2017
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Top distributor bosses in the mortgage industry have followed the example set by Mortgage Advice Bureau in endorsing the strategy behind MortgageApply, a common application submission platform designed and built by Twenty7Tec.

 

The software MortgageApply uses an open Application Programming Interface (API) to avoid re-keying data during the mortgage submission process and so the use of lender portals post-submission.

Packager All Types of Mortgages became one of the first distributors to launch an API with lender TogetherMoney through its own sourcing, submission and case tracking software Atom Together and went live with another, Shawbrook in August. (analysis to follow)

London-based broker firm Capricorn Financial has its own end-to-end broker system, Smartr, which is also racing among the pack to ‘go-live’ on full lender-broker API integration.

Twenty7Tec confirmed it has signed partnership deals with several lenders and will announce in November after the software has gone live.

Jeremy Duncombe, director, Legal & General Mortgage Club said: “Enabling intermediary and lender integration will reduce duplication and re-keying, whilst also improving accuracy and quality of packaging. Ultimately this improves the customer experience which further enhances the value of a broker. Technology is an area we have been championing with our members for some time now, so we are fully supportive of this initiative from Twenty7Tec”.

Christopher Tanner, CEO of Homeloan Partnership, said: “As a network, and long-term partner of Twenty7Tec, we are committed to being at the forefront of technological developments in the mortgage industry. The benefits of a seamlessly integrated system between intermediaries and lenders are numerous, and we’re delighted to work closely with a partner that has the vision, and the technical ability, to deliver this to our members”.

David Copland, director of member services at LSL, said: “I am encouraged by Twenty7Tec’s recent launch of Mortgage Apply, a generic lender portal that should save mortgage advisers a huge amount of time. One of the biggest frustrations for advisers is the amount of rekeying of customer data, if this system is fully supported by the lender community by building fully supported interfaces then I would encourage the adviser community to get right behind this initiative, as it will greatly reduce processing times”.

David Edwards, Commercial Director of Personal Touch FS, added: “MortgageApply is a game-changer in the fintech revolution, addressing a critical void between lenders and intermediaries that previously no one has accomplished. We are increasingly seeing the mortgage sector reap the rewards of innovation and digital transformation. This solution will play a key role in supporting mortgage intermediaries deliver quality advice and service efficiencies to customers and brokers. It will provide a vital ingredient to the technology solutions provided to Personal Touch brokers”.

Watch Twenty7Tec MD James Tucker and Mortgage Advice Bureau CEO Peter Brodnicki discuss the technology and its potential to change working practice and the shape of the industry with Mortgage Solutions.

See the second part on the broker user journey and third parts of the series on here.

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