The Mortgage Hub can be used by lenders and brokers to submit an application and give an overview of its progress. Target Group said this would reduce the need for additional follow up emails, phone calls or chasing.
The platform has been in development for two years and the firm used feedback from advisers, lenders, conveyancers, surveyors and borrowers to build it.
The firm also consulted behavioural scientists so the platform could be developed in a way that is easy to understand and not overwhelming to the user.
It can be integrated into CRMs, panel managers and sourcing systems.
Mortgage Hub shows the stage of an application, what needs to be done to progress the case and how long an application has sat with each party.
It also makes use of Open Banking to give an accurate overview of a borrower’s expenditure.
Information will only need to be keyed once which the firm said will improve accuracy and save time.
As the firm does not rely on legacy systems for its technology, the platform can be easily updated as the market changes.
Speaking to Mortgage Solutions earlier this year, managing director and developer of Mortgage Hub, Katie Pender (pictured), said she wanted the platform to reach a stage where borrowers were offered a mortgage at the point of sale.
Pender said: “We thought carefully about the design of the Mortgage Hub to make it as easy to use as possible. It has been a long time in development and pilot in order to ensure that it is as close as possible to what people throughout the mortgage industry say they need to make their lives easier. This means the process is now simpler and quicker for borrowers and all involved.
“Because we know that things don’t stand still, we have also built in the ability to update the Mortgage Hub at speed, so we can be highly responsive to lenders’ changing needs. This also means we can update it quickly as the economic environment changes. There have been so many sudden changes in our market in the past few years with the pandemic, stamp duty holidays and the fallout from the Liz Truss budget, we wanted to be able to respond to any other potential future events instantly and with the Mortgage Hub we can.”
She added: “Our key goal is to change the way customers feel for the better, be that lenders, brokers, conveyancers or the end borrower. We believe our Mortgage Hub does that.”
