Halifax has also partnered with Smartr365, meaning advisers can submit mortgage applications direct to the lender through the system without re-keying data.
The software company said it is in advanced discussions with other high street lenders about linking up to the system through Application Programming Interfaces (API).
L&G said it invested in the firm after believing the mortgage process could be made around 10 times more efficient than is currently the case.
Head of fintech at L&G Nick Frankland said: “It was obvious to us there was a lot of duplication.”
He hopes L&G’s involvement in the firm will help to speed up the rate of change and adoption to technology that creates efficiencies in the market.
He told brokers at the launch of Smartr365: “We thought L&G was well placed to start a bit of a revolution.
“We don’t want to be the only answer, there will be others.
“If two, three or four great suppliers emerge that do a fantastic job for you guys – that’s terrific.
“But we wanted to start that influencing process.”
Smartr365 estimates it can slash the amount of broker time on a case from 10 hours to just one.
Partners provide additional services
The software gives borrowers the capability to fill out their own fact find through an online portal, which is branded to an individual broker.
Smartr365 works with a number of partners that are plugged into the software.
Technology provider Mogo Plus enables clients to pull current account data directly into applications.
Borrowers can also verify their own identity with the use of partner add-ons, while Hometrack is linked in for valuation data, which also allows customers to see how much equity they have available.
Twenty7 tec provides mortgage sourcing and ipipeline give protection quotes and applications within the software.
Experian is set to partner with the firm next year.
Developed by chief executive Conor Murphy (pictured), who is also director of London brokerage Capricorn Financial, Smartr365 bills itself as being developed by brokers for brokers.
The launch is an update and not the final software, as it continues to evolve with additional features or improvements.
