The upgraded system was designed to on-board clients and to give them an indication of their borrowing capability and eligibility for a mortgage. If the client’s situation is deemed complex or requires advice, the system will stop and suggest that they call One77 Mortgages on the phone.
The new version covers residential purchases and remortgages. Buy to let will be added in a later release.
“The idea is different from the likes of Habito or Trussle. Ours is a front-end tool that enables the client to understand how well-positioned they are to apply for a mortgage,” said Miles Robinson, mortgages sales director at One77 Mortgages.
“Other systems aim to get the client to transact with them and ultimately to apply for the mortgage with little interaction with an adviser.
“Burrow enables the client to get an indication of their borrowing capability. At the end of the process, the client receives a mortgage report that presents a score as to their eligibility for a mortgage. If they are in a position to proceed it will produce a high score.
“It’s almost a red-amber-green rating, essentially telling the client how well-placed they are to be a client for a mortgage. This is unique in the market — usually it’s just a ‘yes’ or a ‘no’.
“Then we want to talk to the client to provide a full recommendation, but it’s the client’s choice whether they want to talk to us,” Robinson added.
Customers dictate transaction
Alastair McKee, managing director One 77 Mortgages (pictured), said the new technology would enable the brokerage “to compete with the big boys that have millions of pounds of funding and are able to develop these systems.”
“We know from our website traffic that from 7.30pm to 10.30pm there’s a massive surge in demand. That indicates to us that there are customers who’ve got the kids to bed and are thinking, ‘right, we need to sort something out on the mortgage side’.
“Hopefully it puts the power back into the customers’ hands because they can dictate to us when they want to transact, rather than the other way around,” McKee said.
Available to eKeeper users
One77 Mortgages collaborated exclusively with eKeeper, which owns a CRM system used by brokers for day-to-day mortgage transactions. The resulting technology will eventually become available to eKeeper’s wider user base of brokers.
Phases two and three of the technology will develop an apply function enabling the client to fill in employers’ details, three years’ address history, to verify identity and to drag over bank statements.
Digital broker Burrow was acquired by technology provider DPR Group in 2018. DPR already owned the eKeeper mortgages system, as well as a banking origination and servicing platform used by mortgage lenders.