Software house Target has launched a loan application packaging solution that will enable intermediaries to process applications for multiple lenders on one system.
Target aims to create direct information feeds into lenders’ new business departments.
Chris Butterworth, business development manager for Target, said talks were underway with First National and expected links to be in place with several other lenders within a ‘matter of months.’
If completed, the link will allow information to flow directly into the lender and enable intermediaries to receive faster decisions on mortgage applications, without the lenders having to re-key any data into their own systems.
The software, Targetbroker, also has links into Equifax and Experian ‘ allowing for credit information to be included in applications.
Butterworth said the software would be suited for operations such as call centres where high volumes of business were taken and quick turnaround decision were needed on applications.
The software will be available on a licensed or application service provider model.
l IT solutions provider, 1st Software, and mortgage sourcing software supplier, Mortgage Brain, have linked up to provide an electronic trading environment.
The news comes after the recent announcement of Mortgage Brain’s alliance with Mortgage 2000.