The specialist lender said the Magellan Hub will also allow brokers to track client cases online, submit supporting documentation electronically and receive status updates of the application.
Simon Read, managing director of lending at Magellan Homeloans, said: “Whilst we pride ourselves on offering mortgage intermediaries and their clients a flexible approach to credit decisions it’s clear that an online submission process is a must in today’s mortgage market. Our new portal offers mortgage intermediaries the efficiency benefits that online technology can offer, without replacing the human touch that intermediaries tell us is invaluable.”
“All applications will still be assessed by skilled underwriters and we won’t be using credit scoring. The portal will simply make the process of submitting an application and tracking its progress a lot quicker and easier.”