The system, developed in partnership with Capita, will return decisions in principle with live updates on application decisions, instant automated valuation results returned to the broker, which can be overridden for a physical valuation.
Consumers will receive electronic offers and messaging at every stage of the process fed by a workflow system intended to speed up both the underwriting process and drive the case tracking feed.
Greg Went, interim head of secured lending at HSBC, said: “This is not ground breaking at the level of each element, but packaged up, it starts to create a smooth simple process.”
Listened and learning
Matt Lowndes, managing director, London-based mortgage broker Coreco said: “We’re delighted that HSBC finally started to use intermediaries.”
But added that there’s a real pattern that challenger lenders Vida Homeloans, Tesco Bank and Sainsbury’s all share with no legacy systems, strong customer service and with the supermarkets, consumer data sets to feed into their process.
Lowndes said: “If this system is built off same technology as Tesco, I think it’s going to be great.
“These systems feel as if the lenders have listened and they are learning. It’s about making sure all parties in the process are talking to each other.”
Panel moderator and group chair of Mortgage Solutions Victoria Hartley asked whether embedding the broker at the centre of the system automatically creates a good outcome for the consumer.
Lowndes said if post was no longer being used and systems offered full disclosure allowing brokers to pre-empt any kinds of issues such as correctly spelt names, any updates from a system make a huge difference to service delivery.
“If we can get that in Application Programming Interface format on a Coreco portal as well, which the customer can log into, then consumers can also see more clearly the benefit of what we do,” he added.