This is the first up-and-running partnership of this type for Halifax Intermediaries and all users will have the functionality to automatically submit an application securely after requesting a Decision in Principle (DIP) within two weeks.
Brokers can submit mortgage DIP to Halifax Intermediaries with one-click through Smartr365’s Application Programming Interface (API) connection without re-keying data. The timesaving is in the region of 30 minutes per app, said the firm, alongside time efficiencies offered by the online fact find on the customer-facing portal and the document upload functionality.
Conor Murphy, CEO at Smartr365, (pictured) said: “We know that generating DIPs is one of the most time-consuming tasks a broker faces day-to-day, and it’s why we’re pleased to be simplifying this process in partnership with Halifax Intermediaries. Having the best tech with the widest range of efficiencies will be crucial for brokers to succeed in the 2021 housing market, and that’s exactly what we are providing.”
Ian Wilson, Head of Halifax Intermediaries, added: “Launching this API platform integration is a perfect first step in delivering an efficient and digitised mortgage journey for our intermediary partners and their customers. We look forward to working with Smartr365 and other technology players to deliver this”.
Smartr365 has signed relationship agreements with a raft of distributors including Legal and General Mortgage Club and Brilliant Solutions but despite its investment and ongoing support relationship with L&G’s fin tech department, expects organic not mandatory take up from advisers over time.
On the Smartr365 cloud-based platform, Murphy said his approach is to work directly with the big six lenders covering up to roughly 75 per cent of the mortgage lending market, but its relationship with Iress and other providers will bring more functionality from mid-tier lenders in the next quarter.
Murphy added: “We believe our tech is every bit as good as any consumer-facing technology, so we’re licensing our tech to brokers but envisage them putting it in front of their customers.”
“We take inspiration from businesses which are very focused on design and user-experience in the wider fin tech space. That’s what the mortgage industry needs. Mortgage sourcing is sourcing at the end of the day and you need to understand what the product is, but it’s how do you package that up using tech in a way that makes it easy for the end consumer to use and makes it easy for them to get what they want but keeps the intermediary in the process,” said Murphy.
The firm signed a deal to harness Iress’s Lender Connect software in March last year, allowing DIP submissions to TSB, Principality and Darlington Building Societies.
Murphy founded both Hammersmith-based Capricorn Financial and Smartr365 Technology and continues to operate as CEO for both businesses.