In a Mortgage Solutions interview in the midst of the Q3 pilot, Arindom Basu, founder and CEO of software provider Digilytics, partnering the lender, said that from launch, brokers should see two key impacts.

“One is that they’re getting a yes or no much quicker because the lender is able to respond much more quickly. And then the amount of time that they’re actually spending in submitting the full mortgage application is being brought down very, very sharply.”

The technology platform will be rolled out “as quickly as possible” following the pilot.

Jonathan Workman, transformation director at Paragon Group, said that in the application process, the lender had worked hard to decrease the number of “pain points” for its brokers, with a dynamic application form harnessing Digilytics’ vast data resources.

Workman said: “[This] will be integrated from day one, which will remove a lot of the legwork that brokers have to work through. But importantly, it’ll put the case on a really firm footing. So we can give a clear upfront decision in principle, and not just the decision, but the requirements that we need.”

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He added that Paragon “will be accessing property data, commercial bureau data, consumer data, Companies House, you name it, so I think it’s bringing all those things together means the broker experience is going to be significantly better.”

He said where the data sources can’t access the information required, the system will outline the missing elements to progress the application and present this clearly and understandably to the underwriter.

 

Decisioning and service improvements

Basu said that alongside decisioning certainty, brokers want a consistent level of service regardless of volumes. He added that by automating and creating trust in the validity of the affordability data by removing the manual element, affordability can be assessed far more accurately and efficiently.

On the lender side, the average two-and-a-half hours of “touch time”, which is the period the underwriter spends processing the case and the wait time for information, has been significantly cut back.

Basu said: “So, a typical lender that’s, let’s say, processing 1,000 cases a month can now process about 1,500 cases a month,” and all in real time.

He added that by validating the accuracy of the information, this cuts the administration and back and forth with the client down for brokers and distils a couple of days of budget planning and processing down to roughly “a couple of hours.”

“Because of that, I think there is a significant improvement in broker experience,” he added.

Watch the video in full below.

 

 

A huge thanks to Arindom Basu, founder and CEO of Digilytics, Louisa Sedgwick, commercial director for mortgages at Paragon Bank Group, and Jonathan Workman, transformation director at Paragon Bank Group.

Watch the first interview in the Paragon series, outlining the lender’s evolution and distribution transformation to include networks and clubs.

This is sponsored content, in association with Mortgage Solutions.