The technologies share data between broker software and lender portals with the aim to speed up mortgage decisions in principle and application processes.
The firms hope to remove barriers and any misconceptions brokers have around embracing technology by standardising the language and terminology used.
It is also supposed to make the platforms easier to use and improve the customer journey.
This will be enabled with Mortgage Connectivity, a program which is already used by 20 lenders to encourage consistent data transfer. The collaboration has been supported by Accord, Leeds Building Society and TSB, who will review the way their technology partners communicate with brokers too.
Davie Miller, Iress’ executive general manager, commercial, said: “To date, lenders and technology platforms have used a wide variety of terms to describe the same process. Clearly this is hugely confusing for brokers and can block the wholesale adoption of processes that can significantly improve the speed and efficiency of mortgage applications and decisions.
“It’s a problem faced by the whole industry and coming together as an industry was the only way to solve it.”
Nathan Reilly, director of lender relationships at Twenty7Tec, said education and collaboration were both essential to efficiency and time saving.
Neil Wyatt, Mortgage Brain’s sales and marketing director, added: “It is crucial that we work in collaboration when it comes to ensuring we are able to deliver the best possible outcomes for end users, regardless of the product, the technology being used, or the size of the firm using the technology.
“We are excited about how this will help and support individuals and firms across the marketplace adopt the available and developing technology and ultimately drive significant customer benefits.”
Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, said: “AMI has advocated for some time the need for technology firms to work together to provide solutions that embrace more of the customer journey.
“This collaboration between our three main sourcing engines has to be seen as really positive and hopefully the start of a longer journey.”
