LiveMore has become the first dedicated over-50s lender to provide an automated decision in principle (DIP) capability, resulting in an enhanced broker and customer journey.
The DIP helps brokers deliver tailored services to their clients by giving immediate decisions in principle across LiveMore’s entire product range, providing certainty over a shorter timeframe.
Having formed in 2020 as a mortgage lender for the 50-90+ age group, LiveMore has set up its own technology from scratch over the past nine months, after making significant inroads in the market. The firm had previously outsourced its technology through a third-party provider.
The technology team has created a more flexible architecture with easy-to-use affordability calculations and an automated DIP, along with ESIS forms. Full mortgage applications can then be submitted, meaning that that there is no rekeying of information as it is stored automatically.
An automated DIP returns an immediate response on declared information whilst conducting a soft credit search at the same time. This provides brokers with a quicker speed and certainty that the application is likely to proceed.
The system is also able to show the maximum borrowing amount of different products, having taken all income and circumstances, such as unusual property construction, debt consolidation and adverse credit, into account.
LiveMore’s roadmap consists of a range of features, including a counter-offer, which suggests a potential alternative LiveMore product, should the initial choice not be available.
Chief executive officer and founder of LiveMore, Leon Diamond, said: “Having built up LiveMore into a successful, highly capable and competitive lender shaking up the 50-90+ mortgage space, it made perfect sense for us to bring our technology in-house. The timing was right and our expert technology team has been busy creating this state-of-the art DIP and origination portal.
“Going forward, we have a roadmap of improvements so the next stage will be working on new functionality to enrich the broker journey even more.”
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