You are here: Home - News -

Mortgages for Business adopts robotics to automate BTL applications and AIPs

by:
  • 04/09/2018
  • 0
Mortgages for Business adopts robotics to automate BTL applications and AIPs
Mortgages for Business has automated the buy-to-let mortgage application submission process with Kent Reliance and Paragon, and it is now working to roll out the process to Precise Mortgages. 

 

The specialist BTL broker said the system both freed its mortgage advisers from a lengthy, manual task and improved turnaround times for customers.

The robot generates an Agreement In Principle (AIP) and if satisfactory proceeds with a full mortgage application.

Initially MfB engaged with Kent Reliance to develop and test the technology which extrapolates, manipulates and deposits data from the firm’s CRM database into Kent Reliance’s submission system.

While testing was taking place, MfB approached other buy to let lenders to ascertain interest in adopting the technology and Paragon was first to respond.

MfB told Mortgage Solutions it has invested heavily and have been working collaboratively with Extra Technology, the intelligent automation experts since December 2017. In addition, MfB intends to approach other BTL lenders soon after.

 

Legacy woes hurdled

 

IT director Mark Ryan said that recent advancements in robotics have helped overcome some of the challenges, particularly with lenders’ legacy systems.

“Five staff members are now certified Advanced Automation Anywhere professionals but all of our BTL advisers are successfully using the technology to submit applications to both Kent Reliance and Paragon.”

Adrian Moloney, sales director of OneSavings Bank which owns the Kent Reliance brand, said: “Automation improves the accuracy of information being input because it reduces the opportunities for human error. This means we can process applications much faster.”

John Heron, managing director of mortgages at Paragon, said the team is keen to exploit opportunities to improve the customer journey for our intermediaries and their customers.

He added: “Therefore, when the opportunity to work with Mortgages for Business on robotic processing arose, we joined with enthusiasm. Roll-out was quick and straightforward, with the implementation highlighting the huge potential for enhanced technology to improve customer experience in our industry.”

There are 0 Comment(s)

Comments are closed.

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.

Profiles

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.

Marketwatch

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.

Poll

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.
Read previous post:
BoE governor Mark Carney getting into car
Carney willing to stay on as BoE governor but waiting for confirmation

Bank of England Governor Mark Carney said he is willing to stay on as governor and expects a government announcement...

Close