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Santander and NatWest lead multi-DiP platform Mortgage Engine launch

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  • 27/11/2019
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Santander and NatWest lead multi-DiP platform Mortgage Engine launch
Mortgage Engine – a financial technology firm which uses Application Programming Interfaces (APIs) to connect lender back office systems to distributors on one platform – has launched to the mortgage market.

 

Mortgage Engine offers two-way API connections, as well as what it claims to be the first multi-decision in principle (DiP) proposition in the UK mortgage market.  

Intermediaries will be able to source DiPs from multiple lenders simultaneously, with Mortgage Engine promising to make this happen within 60 seconds. 

The fintech company said it has worked with a number of lenders to streamline their question sets to align with the platform, which means brokers can use the information from their fact find and upload it onto Mortgage Engine without having to rekey it. 

The information is then distributed to the lenders connected to the platform and returns with a DiP. 

 

Engaging a fifth of the market

The company said in the coming weeks, products from Santander for Intermediaries and NatWest Intermediary Solutions will be piloted on the platform, connecting 22 per cent of the market.  

Currently, Mortgage Engine is only available for brokers to use but the company said there is scope to open it up to direct borrowers in the future. 

Any lenders who are not on a broker’s panel will not be included in the list of cases returned 

Mortgage Engine said it is looking to integrate 80 per cent of the mortgage market by the end of 2020. On the distribution side, it has connected with Dynamo and has plans to add more. 

Cloe Atkinson (pictured), managing director at Mortgage Engine, said: “Intermediaries have been grappling with a fragmented application process for too long.   

“In this age of emerging tech, they should not have to duplicate and re-enter customer data to get the information they need before advising customers on the best deal.” 

She added: “Mortgage Engine is designed to improve efficiency at every stage and ultimately make the process faster and more effective for lenders, intermediaries and customers alike.”  

Mortgage Engine has been backed by Santander, where Atkinson was head of mortgage transformation and controls for 12 years. 

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