Monmouthshire Building Society’s new loans origination software has soft launched with brokers L&C Mortgages, Elite Independent Mortgages and MPI.
The Society has partnered with MQube to launch the new Origo platform, which simplifies the mortgage journey from application to release of funds.
Replacing manual processes, emails and spreadsheets, the system will manage the whole process in one place, making it easier for customers, brokers, and Society underwriters and staff.
Initial trials of the new system found that it could take less than 24 hours from application submission to offer.
Bethan Jenkins, mortgage transformation lead at Monmouthshire Building Society, said: “It has been great to get some real insight into what our intermediary partners are looking for from a loans origination system.
“We have worked closely with L&C, Elite and MPI who have agreed to trial the system for us to ensure that our system is working as it should and functioning as our intermediary partners need it to, before opening it up to the rest of the market.
“So far, the feedback has been amazing and so we’re really excited to carry on developing the system to make sure it’s one of the best on the market when we open it up in the coming months.”
Giuliano Grazioli, director of lender relationships at L&C Mortgages, commented: “L&C has a long-standing relationship with Monmouthshire Building Society and so we were delighted to pilot the new system. We’re an ideal partner to act as a testbed for new systems in a live environment and provide feedback as the pilot progresses.
“The new system has efficiency at its core, which will not only improve the Monmouthshire proposition but also boost turnaround times for intermediary partners.”
Stuart Cheetham, CEO of MQube, added: “Partnering with Monmouthshire Building Society to deliver this platform has been a fantastic example of what can be achieved when lenders and technology providers come together. By removing manual processes and introducing real-time decisioning, we are helping to create a faster, simpler and more transparent mortgage journey for brokers and their clients.”
