High Street HomeLoans (HSHL) will be the first UK mortgage lender to offer instant mortgage offers to brokers, writes Paul Robertson.
Gary Forrest, managing director at HSHL, said: ‘Having the system running in our office means that when we get a form in by traditional means we can get an offer out within 24 hours. The next phase is to be online in November.’
Once the system is fully operational, brokers will be able to log onto the HSHL or the Mortgage Brain website, where they can input client details. The system will then underwrite the application, and reply with a yes or no answer.
If the client wishes to proceed, they complete an application form online, as it initially only asks criteria-driven questions. The system will then print out an offer to the broker, subject to valuation and verification of the information.
Commenting on the first lender in the system, Forrest said: ‘The system brokers use to put in the information is the same one as we use in the office so the two ends are talking to each other.’