Backed by venture capital firm Verso Capital the mortgage, bridging and secured loan sourcing technology will be integrated into St. James’s Place back office system.
Twenty7Tec said more than 4,000 wealth management advisers can access the system. Although not all are mortgage broking, they are already completing £5bn to 6bn of mortgages a year.
SJP and Twenty7Tec have signed a ‘multi-year agreement,’ with a view to further strengthening the mortgage systems offering for SJP Partners.
James Tucker, CEO of Twenty7Tec, commented: “To be selected by such a prestigious organisation as SJP, is testament to the strength of the proposition in both sourcing and application submission that our team have developed. We look forward to working with SJP and their partners through 2019 and beyond.”
Paul Emery, head of client banking at St. James’s Place, added: “MortgageSource is a leading solution that will enable us to deliver a step-change in efficiency and productivity, making life simpler for our partners and allowing them to spend more time advising clients.
“The solution allows us to meet the changing requirements of the mortgage market and underscores our commitment to holistic financial advice for our clients.”
The software has over 10,000 ‘active users’ defined as logging in more than once in the past 12 months, completing just over £100bn of mortgages from January to December last year.
Twenty7Tec told Mortgage Solutions it is engaged in more than 10 other integrations, which will come to fruition by Q1 2020.
At the time, Sesame Bankhall Group confirmed it will also roll the two Twenty7Tec systems out to its advisers, but PMS, however, stated that Mortgage Brain remains its ‘preferred system’ but will offer the alternative software to users for £10 a month. LSL has agreed a similar deal for its 2,000 advisers, with rollout due to complete by 2019-end.