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Legal & General Mortgage Club launches criteria search tool

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  • 14/01/2019
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Legal & General Mortgage Club launches criteria search tool
The UK’s biggest mortgage club has launched a criteria search tool, Smartrcriteria, drawn from nine years of club data from a total of 95 lenders to date.

 

The tool was trialled with four diverse mortgage brokers including MSN, First Mortgage Direct, Springtide and Alexander Hall.

The system, which will be continually updated through work with lenders by admin staff in-house, will enable brokers to gauge whether a lender would consider their customer’s case at any given time but still have access to phone and live chat support.

The system has 492 different search criteria drawn from 394,000 individual enquiries and covers the new build and residential sectors at the moment, with expansion to later life lending and other sectors soon.

The software is free to use up to the end of March and brokers can register and sign a terms of agreement, however from April it will cost £20 a month per licence depending on frequency of club use.

(Example screenshot below)

Smartrcriteria screenshots Jan 2019

Kevin Roberts, director, L&G Mortgage Club said this is the beginning of strategic change in its offerings to partner members adding that the club has to continue to deliver ever more value.

SmartrCriteria can be used as a training tool for new brokers to help them narrow down lending criteria and find the right solution for a client, said L&G.

Kevin Roberts, director, Legal & General Mortgage Club, said: “Looking for the best mortgage options can be a time-consuming process for brokers and their customers, and with ever changing lender criteria, it can be difficult to stay on top of it all. SmartrCriteria has been built with this in mind, designed to make placing cases both quicker and easier, resulting in better outcomes for both brokers and the end customer.”

Greg Cunnington, director of lender relationships and new homes at Alexander Hall who has trialled SmartrCriteria adds: “This is a really great move from Legal & General Mortgage Club. The technology behind SmartrCriteria does the heavy lifting for advisers, allowing them to spend less of their time speaking to various lenders and more time concentrating on what really matters – maintaining strong client relationships and giving good advice.”

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