Homebank, the Northampton-based mortgage brokers with an in-house packaging facility, is to become a sub-prime packager in July, writes Paul Robertson.
Homebank initially developed a software package for its internal salesforce, allowing them to send applications electronically to head office for packaging and then on to its panel lenders. To begin with, it is the sub-prime element of this software that is to be offered to a wider market.
George Dodds, managing director of Homebank, said: ‘We developed our own broker system for sourcing household and life insurance, prime mortgages and adverse mortgages. With it our own salesforce has been emailing completed applications to our packaging unit, where the credit check can be dealt with and the answer sent back ‘ all online.
‘The sourcing element of the software is the most sophisticated on the market. Apart from having a highly-developed, in-built compliance system, for sub-prime cases it is the only system with the data to make a truly accurate search without going online.’
The lender panel associated with the new system includes Mortgages plc, Amber Home Loans, Platform Home Loans, Prime Home Loans and SPML, with Future Mortgages to join soon. To begin with, the new packaging service will only feature adverse case mortgages, but the company has said it intends to add prime mortgages at a later date.
Dodds said: ‘We represent the future of broker packaging. Our software system is the key to increasing efficiency, turnaround times and faster mortgage offers than with conventional methods of packaging. The software will be free to brokers who place one deal a month with us.’
Homebank has not decided on a name for the new service yet. The software at its heart has been named Mortgage Pro.
