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We’re a small lender at the forefront of innovation – Thornley-Yates

by: Carolyn Thornley-Yates, head of sales and marketing at Hinckley and Rugby Building Society
  • 22/06/2018
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We’re a small lender at the forefront of innovation – Thornley-Yates
Hinckley and Rugby Building Society was one of the opening pair of lenders to be integrated with Twenty7Tec’s MortgageApply system. Carolyn Thornley-Yates explains how the mutual implemented the change.

 

Improving how we do business is an ongoing opportunity so we like to be at the forefront of innovation in the mortgage market.

When Twenty7Tec gave us an early demo of what would become a new online application process helping mortgage intermediaries save time and boost their productivity, we were very interested in being an early adopter.

We could immediately see the advantages of enabling mortgage intermediaries to complete and submit applications to multiple lenders via one platform without the need to retype the client’s data or having to use each lender’s portal.

Once the data has been keyed in, the broker can select a lender’s product by pressing one button and get a decision in principle or full mortgage application.

The broker can apply via a portal they are acquainted with and not have to navigate a lender’s that they may be unfamiliar with.

As a smaller lender we do not have the resources of a change management or IT team, but we saw value in handling it within the business development team as we know what intermediaries like and we know our application process inside out.

 

Lender quirks

Sourcing systems are sensitive to criteria, each lender has its quirks.

We needed a validation override function for brokers to deploy because we are a manual decision maker and offer a fair ear to cases with wrinkles that do not fit into rigid automatic systems.

The trialling was methodical and exhaustive with help from the technical team at Mortgage Advice Bureau, through which we learned a lot as we tried to break the process to ensure it was robust.

Risk was assessed, compliance checked and due diligence was straightforward, partly thanks to our long established relationships.

 

Dedication is worth it

Leading in this area is a sign that although we are a smaller lender, we are progressive and want to show commitment to intermediary lending.

It took time – perhaps a couple of months of dedication – but it has been worth it.

We’re always keen to find better ways to do business together and eliminate any barriers that hamper intermediaries when submitting.

We don’t mind how brokers interact with us, we’re one of the lenders still accepting paper applications, but we do want intermediaries to get to us via their preferred route and this new system gives them another choice in how they do that.

 

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