"The pandemic has accelerated the need for online handling of applications, and we’re delighted to be launching the Digital Mortgage Platform now."
Along with Burrow’s current onboarding solution, Burrow is developing a full digital mortgage platform that enables brokers and lenders to manage end-to-end consumer journeys within a single system. The platform is API-led and can be easily integrated with other systems, meaning brokers and lenders would not need to replace any incumbent systems to use Burrow.
After a pilot phase, the online broker has secured further funding to launch an expanded solution, which will include a client portal and retention journey.
Research conducted by Burrow's parent company DPR Group, found that over 70% of consumers would use digital signatures and online ID verification. These are also the most sought after features by brokers and lenders.
Burrow has taken these findings to create a client portal that allows customers to fill out fact finds and manage documentation through mobile uploads and digital signatures. The solution also includes biometric ID verification and Open Banking features to improve efficiency.
The retention solution lets brokers improve customer loyalty, cross-sell more products and increase their retention rate with customers.
Dave Patel, CEO of DPR Group, said: “One of the big issues is that with so much change going on, it’s hard for banks to change their whole origination solutions. Following investment from Norland capital we can now invest in both further developing our core banking solutions (some exciting news on that later in the year) but also invest in new SaaS solutions.
"One of the first areas we have focused on is the interface between banks and mortgage brokers with their customers. A solution we’ve built following the acquisition of Burrow in 2018.”
Pradeep Raman, director of digital solutions, added: “We are very excited to announce further investment to build compelling products to transform the customer journey. The pandemic has accelerated the need for online handling of applications, and we’re delighted to be launching the Digital Mortgage Platform now. We feel privileged to be able to assist brokers and lenders to deal with the challenges posed by the pandemic in what little way we can by being their technology and innovation partner.”
