You are here: Home - News -

Paradigm to launch ‘real time’ affordability tool

by: Carmen Reichman
  • 12/01/2017
  • 0
Paradigm to launch ‘real time’ affordability tool
Broker network Paradigm Mortgage Services has partnered with technology provider Castlight Financial to trial new technology designed to cut the mortgage origination process to “no more than 10 minutes”.

The firm will work with a small number of members to test Castlight’s new “affordability passport” proposition, a platform designed to determine a client’s financial capability automatically and in real time.

The tool provides brokers with a summarised overview of the client’s spending behaviour, including their current financial well-being, finances and credit history, so mortgage applications can be processed faster.

Paradigm Mortgage Services chief executive Bob Hunt (pictured) said: “Advisers, and lenders, using paper-based information and various agencies, can spend a large amount of time trying to review and understand a client’s bank and credit data; the market is crying out for a proposition that can offer a transparent view seamlessly and effectively.

“This has the capacity to radically alter the client’s, broker’s and lender’s mortgage application experience, to cut down on the delay and provide a far more structured and in-depth view of the attractiveness of the potential borrower.”

Castlight worked with consumer and business insights experts Equinox to launch the platform.

The technology allows clients to create their individual “affordability passport” in a secure and private portal, before sharing it with their adviser. The information will then be integrated into existing origination platforms.

The tool will be tested by a select number of Paradigm firms first, which will provide Castlight with feedback, before the next stage in the development is completed and it is rolled out to more members.

Castlight Financial CEO Phil Grady said: “We are delighted to be working with Paradigm Mortgage Services to bring this product to the sector. It’s our ambition to make the mortgage origination process no longer than 10 minutes and we believe working with Paradigm, this can now be delivered.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Shawbrook to continue NACFB sponsorship

Shawbrook Bank will act as title sponsor of trade body the National Association of Commercial Finance Brokers (NACFB) for the...