Specialist lenders have been quicker than many of the high street names to embrace and link-in to new broker systems being developed which eliminate the re-keying of information multiple times.
Complete FS bought a stake in All Types of Mortgages’ (AToM) API-driven OneMortgage System broker platform on 23 January this year.
Phil Jay, director at Complete FS, told Specialist Lending Solutions that the rollout of new technologies was particularly helpful in the sector.
“For us and the brokers it’s just keying in the data once,” he said.
“Packagers are falling more in-line with lenders direct and so not wasting time by re-keying data is going to be a massive saving.
“It means brokers can get immediate answers to decisions in principle (DIPs) within seconds, rather than wait days, and that’s a massive advantage,” he added.
Jay also highlighted that specialist lenders were keener to integrate with packagers than high street lenders.
“That’s a positive and will help the market from our point of view,” he continued.
“The quicker they can get data sent to them, the quicker they can come back with an answer, but it has made big changes to us.
“Packagers have been seen to be taking data and re-keying it and with lenders potentially wanting to talk to brokers we might be seen as slowing it up, but that’s not the case anymore, we can be speeding it up,” he added.