Digital developments: improving efficiency for you and your customers

It’s safe to say technology is becoming increasingly important for the mortgage industry [1]. As more and more people turn to digital channels, efficient and intuitive online processes are vital for intermediaries and lenders alike. One advancement in technology leading to mortgage market transformation is the flow of data, and how different systems communicate with one another.

 

Improving our systems

Mortgage Hub

At Leeds Building Society, we’re constantly exploring ways to improve our technology. In 2020, we launched our Mortgage Hub, significantly improving the way we do business with intermediaries. This intuitive system simplifies the mortgage process, providing instant notification on a Decision in Principle, real time case tracking and easy document upload.

At the time of its launch our Head of Intermediary Distribution, Martese Carton said:

“Our investment in Mortgage Hub is directly attributed to the importance we place on supporting the mortgage market. Having listened to feedback, we’ve developed this platform to provide the best possible experience and service to our intermediary partners”.

 

Lender Connect

To improve our processes further, we recently announced that we’ve linked our Mortgage Hub platform to Iress’ Lender Connect. Lender Connect software uses Application Programming Interface (API) technology to seamlessly connect Customer Relationship Management (CRM) systems to our Mortgage Hub platform, transferring data from one to the other. The systems communicating with each other results in less rekeying, a reduction in error rates, and helps ensure we’re working compliantly, all of which saves time and effort.

 

What’s next for the industry?

A one-step solution

So, what can intermediaries expect to see next? Industry platforms are currently being developed to provide a one-step solution. This will allow the same set of credentials to be used to engage with multiple mortgage providers – making the application process even easier and more efficient.

It’s likely because of this, intermediaries won’t have to log on to individual portals of each lender, which is currently a time-consuming aspect of the journey. Also, as more data becomes available through open platforms, the requirement to manually input the information needed for mortgage applications should be reduced.

 

Open data

An increasing amount of data is becoming available through APIs. Some of this information is used in mortgage decision making and could therefore increase efficiency in the application process.

Intermediary and lender data will also become available via new API streams, meaning it’s possible that lenders and intermediaries will become better connected and the different systems used will communicate smartly to share data.

Please note:

Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.

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