Introducers will now receive instant underwriting and affordability acceptance on secured loan applications from the lender.
Steve Walker, managing director of Promise, said:
“XML integration with our lenders is of huge importance as it will speed up the process of underwriting and selling a loan considerably.
“Whilst our competitors may be manually keying data in to lender systems to check affordability, our aim is to make this an instantaneous part of the sourcing process with the click of a button. Introducers will get faster and more accurate quotations and so will their clients.
“The time saving for our team is also massive which is particularly important as the fact find and advice process is so much more time consuming. We expect to use similar technology to generate an instant Mortgage Illustration when FCA full regulation kicks in next year. Precise Mortgages has been very pro-active in developing this new service and we are pleased that our close relationship and in house IT team has allowed us to bring this benefit to the market first.”
Simon Carr, sales and development director at Precise, added:
Our XML service allows master brokers to seamlessly run our decision in principle model which returns all plans a customer qualifies for whilst at the same time running our affordability model.
"The service also allows the firm to create a full application within our system and removes the need to rekey information they have already captured. This initial version which is CCA compliant is a stepping stone to our MCD version which will also return the Mortgage Illustration and Mortgage Offer.
"The early adoption of this service will reduce the development time required to migrate to our MCD version in Q1 2016. The changes we have made are minimal; however, the benefits the broker will experience will be ground breaking. We are delighted that Promise Solutions has decided to become an early adopter of this new service."
