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.”