A spokesperson from Hinckley and Rugby told Mortgage Solutions that the system is not available to brokers.
The system, developed in Denmark by Festina Finance, will help the lender’s mortgage team process the customer interview, generating a decision in principle, comparing products and terms and predicting timescales.
In addition, the system offers a fact find for residential house purchase and remortgage applications, which is tailored to the firm’s lending criteria and affordability calculations.
The building society said that ongoing development will see a personalised self-service online platform introduced later in 2019 for customers to use themselves.
It also said that in coming months the project’s next stage will enable customers to generate their own decision in principle for residential and buy-to-let mortgages and use calculator tools.
An online application process will have inbuilt affordability calculations and document uploading. The self-service platform will also enable non-interactive, execution-only lending.
Smarter interview
Dean Waddingham, chief customer officer at Hinckley & Rugby, said it will quicken each application’s journey from enquiry to completion.
“It supports our staff adviser and the customer, from streamlining a smarter interview and fact find to improving the efficiency of the subsequent processing to deliver a quicker outcome.
“It is the result of our commitment to focusing on what our customers need plus a can-do collaboration with Festina Finance.
“This is creating significant efficiencies to benefit the customer and the society, greatly reducing time spent manually generating documents. The structure to the interview enables us to better predict timescales, a key ingredient in the customer’s satisfaction with their experience.”
