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Hanley Economic BS pauses new lending

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  • 12/02/2021
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Hanley Economic BS pauses new lending
Hanley Economic Building Society withdrawn all its mortgage products from the direct and intermediary markets with a return expected in the second quarter of the year.

 

The mutual has temporarily halted new lending to complete the final stage of its mortgage processing platform overhaul.

It will focus on servicing existing applications alongside the implementation of these system enhancements.

“This decision was taken to ensure that any service disruption to mortgage borrowers and intermediary partners is kept to a minimum as the final stage of the development process takes place,” the lender said.

Hanley Economic has been working with technology firm DPR since April 2020 to overhaul its entire mortgage and savings platforms.

It said the finished platform will result in intermediary partners being able to access a fully functional online system which will help speed up and simplify the application process.

David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “This process is almost complete and we have taken the step to temporarily halt new mortgage lending so that we can make this final transition as quickly and efficiently as possible.

“It marks the beginning of a new chapter for the society and when we return to the lending market, which will be sooner rather than later, we believe that we will be in a far stronger position to better service the ever-changing needs of our intermediary partners and their clients.”

 

 

 

 

 

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