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Intermediary platform Acre to complete £20bn in mortgages in 2024
Intermediary platform Acre has seen usage double in the past 12 months and is on track to complete £20bn in mortgages this year.
Acre said that Consumer Duty implementation, interest rate rises and a fall in mortgage lending had been factors in more brokers moving to the intermediary platform “to help ease workflow inefficiencies, grow their business and deliver exceptional service to homeowners”.
The company said that it was on track to exceed its target of 5% of new mortgages written using the platform this year.
The firm added that the number of mortgage cases on the intermediary platform with at least one protection product attached has doubled.
The growth in protection penetration is driven by economic uncertainty knocking consumer confidence and firms embracing their Consumer Duty responsibilities, the intermediary platform said.
The company said that recent enhancements such as giving homebuyers more assistance in its client portal, conveyancing updates, improved sourcing and affordability capabilities, along with its unique case history, have been made with the “broker’s workflow in mind, to maximise the result of each case, secure the best product for clients and meet compliance requirements effortlessly”.
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Looking ahead, the intermediary platform said that it planned to introduce tools like a Consumer Duty dashboard and bring in AI-based capabilities to automate document categorisation and income verification.
Acre has also made several key integrations in its intermediary platform, including Nationwide Building Society, CoCardless, HoneyLegal, Iress and Lender Connect.
‘Supports the delivery of positive consumer outcomes’
Justus Brown (pictured), CEO and founder of Acre, said: “The last 12 months have been defining for Acre. The team’s hard work in delivering an impactful technology platform that improves brokers’ ways of working and adds value to the service they offer homeowners and their families is receiving broad recognition from brokers, mortgage network and clubs, lenders and the broader fintech ecosystem.
“In the toughest of times when interest rates were rising and products were being pulled, Acre’s brokers were able to use our platform to work smarter in order to secure clients the best mortgage and protection deals for them within a few clicks.”
Nicola Ventrella, operations director at The Right Mortgage, added: “Making the move to a new CRM system is never easy. However, we saw how Acre’s capabilities were rooted in a refreshing, tech-driven approach that would future-proof our business.
“It delivers a valuable time saving and supports the delivery of positive consumer outcomes for our advisory firm members, which is why Acre is now our key software, providing our advisers with one place to manage the entire mortgage journey from start to finish.”