The transaction was placed by Mortgage Advice Agency who used the system for a live application with Coventry Building Society.
The Nuneaton-based mortgage brokerage put through a buy-to-let remortgage case using the platform.
An agreement in principle (AIP) was submitted, which was then converted to a full mortgage application with the submission, decision and subsequent application, all being successfully tracked.
Carly French, mortgage administrator at Mortgage Advice Agency, said: “The system was clear and very easy to follow, and will easily fit into any broker’s working day.
“I picked it instantly, having navigated it only once. We’re looking forward to incorporating Lendex into our mortgage process and the positive impact it will have on our business.”
Digitally enhancing the mortgage process
Lendex is a sourcing system which aims to secure multiple decisions in principle direct from lenders in less than 30 seconds.
It submits AIPs and full mortgage applications directly to all participating lenders’ back office systems with one login. It will provide a process to request a decision in principle and then digitally complete, submit, administer and track full mortgage applications.
Lendex is part of Mortgage Brain’s drive to digitally enhance the mortgage process and through the system, it will offer application programming interfaces on behalf of participating lenders and will be available to lenders regardless of size.
It is due for a full launch in 2020 following a pilot period with 11 lenders including Barclays, NatWest and Accord Mortgages.
Mark Lofthouse (pictured), CEO of Mortgage Brain, said: “We are delighted to have completed the first of what we anticipate to be many tens of thousands of transactions on Lendex over the next year.
“It is an important milestone and we remain on track to launch this brand new platform that will transform the decisioning and application process at no costs to advisers in 2020.”
Kevin Purvey, director of intermediaries at Coventry Building Society, added: “We are very proud to be able to facilitate the first transaction in Lendex.
“This digital gateway is a key component of our strategy to adopt and use new technologies that support intermediaries.”
