Nottingham Building Society said the broker portal launch was part of its “commitment to transform the future of lending services for both UK borrowers and brokers”, and builds on a partnership established last year.
The ‘inviting difference in’ broker portal combines advanced artificial intelligence (AI)-driven processes with a “faster, more intuitive application process”.
It can assess around 20,000 data points in real time using AI and machine learning, automatically validate documents and affordability and only request additional information when needed.
The portal will give brokers faster decisions, greater certainty and more time to focus on their clients, as well as minimising bottlenecks and delays.
Nottingham Building Society added that the portal is “fully configurable to lending criteria and risk appetite”, so it can respond to market needs more quickly and “deliver smarter, more personalised mortgage options for a wider range of customer[s]”.
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Residential applications are the first products and propositions on the platform, and buy-to-let (BTL) and foreign national applications will be onboarded in the future.
The portal was trialled with L&C Mortgages at the end of last year and in the first half of this year. Following the “successfully phased trial”, it will be rolled out to all brokers.
Sue Hayes, CEO of Nottingham Building Society, said: “We have spent the last two years building and upgrading a lot of our technology. Our partnership with MQube, however, has been less than 12 months and is transformational for us. The IDI broker portal will also enable us to move into markets, to use different data sources, and to be able to offer a mortgage to people who would find it very difficult to get one at all.
“By modernising our banking operations and lending decision-making process, alongside our customer- and broker-facing interfaces, we aim to stand out from the crowd as more people are finding themselves as categorised as non-standard borrowers in the UK.
“The financial landscape is rapidly evolving, and customers have expectations of seamless, technology-driven financial solutions. Our combination of great people, research, products, and technology will allow us to move in and out of markets to fully support different types of mortgage… needs as different demographics change.”
Stuart Cheetham, CEO of MQube, said: “We’re proud to partner with Nottingham Building Society on the launch of their mortgage transformation project. With our AI-powered Origo platform at the core, more brokers and borrowers will now benefit from faster decisions and a simpler, more certain mortgage journey. It’s fantastic to see Nottingham leading the way for lenders by embracing innovation that truly improves the mortgage experience.”
Mark Harrington, CEO of L&C Mortgages, said: “We have enjoyed a close relationship with Nottingham Building Society for many years and so were delighted to pilot the launch of the new platform and provide controlled testing and feedback in a live environment.
“Nottingham has always valued intermediaries and is a forward-thinking lender, which is clearly reflected in its next stage of transformation through the partnership with MQube and its engagement with our team throughout the pilot. The society’s drive to streamline its processes is sure to benefit advisers and their customers, as the new portal rolls out and the proposition expands further.”
