"There are 80 or so packaging brokers in the second charge space; building 80 versions of the same technology for each lender would be completely insane. "
Specialist Mortgage Group has announced that its Lenderlink system is now open to the full market, allowing all second charge mortgage packagers to register for a free account.
Lenderlink lets brokers transfer full second charge applications into their lender's portals without the need for multiple rekeying.
Lenderlink currently enables integration with nine second charge lenders: Optimum Credit, Together Money, Prestige Finance, Paragon Bank, Shawbrook Bank, Precise Mortgages, United Trust Bank, West One Loans, and 1st Stop Loans.
A CRM module is due to launch later this year which will also be free of charge for at least one year for all new registrants.
Matt Cottle, CEO of Specialist Mortgage Group, commented: “Despite there now being wide availability of API technology in our sector, only the few have the ability and capital to build successful integrations.
“There are 80 or so packaging brokers in the second charge space; building 80 versions of the same technology for each lender would be completely insane. It made sense for someone to build a standardised version for everyone to use, so we thought, you know why not? Let’s do it.
"It’s 2018 for goodness sake - we can make it work for our brokerages, why not everyone else too? It just makes sense. We thought let’s give it away for free and get everyone using it, we can work out how to monetise it later.”