It also allows brokers to search for mainstream mortgage deals and bridging and secured loans.
APAC claims to have analysed every lender and product in the market to come up with 816 application questions, which have been filtered down to a number of essential questions that can be completed, if necessary, at any point in the sales cycle.
It combines all three stages of the sales process – data collection, research and application – in one place, instead of using a separate sourcing tool and then the lender’s own system to apply.
Live results are available after answering some initial questions, illustrating the lender, product, monthly payments, fees and total repayment. Brokers can then choose the preferred product, click apply and any missing lender specific questions are then presented for completion.
APAC Systems director Wayne Smethurst says:
“The APAC SmartForms technology allows all the application forms to be in one system and it links everything together.”
He adds: “Our system helps intermediaries find what’s best for the customer by checking their information against the whole of the industry as they go along.
“As a tool it provides everything they need in a single application process with a compliant audit trial.”
He added: “I find it bizarre that market leading sourcing tools do not contain bridging or secured loans products. This is the equivalent of SatNav containing only 75 per cent of the roads.”
The software is available as a white label service, allowing companies to integrate the software with their own website branding. This will be tested initially by three packager firms; Capital Advances, Solent Mortgage Services and TFC Homeloans.
