Mortgage Brain has reported that the pilot of its new multi-lender submission and application gateway, Lendex, is now live with several major lenders.
Coventry Building Society, NatWest and Platform are all available through the Lendex pilot, with a further two lenders expected to be live in the near future. The mortgage technology expert suggested that collectively, they represent around 32% of mortgages sold in the UK.
Mortgage Brain indicated letters of intent have also been signed by a number of other lenders, including Lloyds Banking Group, which will see the figure rise to 57% of the market.
Lendex is a free service for brokers which allows them to request and obtain a decision in principle (DIP) and submit full mortgage applications directly to the back-office systems of all participating lenders. Mortgage Brain described the tool as "fast and easy to use”, and said it provides a modern process for brokers to digitally complete, submit, administer and track applications, helping advisers to maintain a compliant audit trail.
A number of mortgage advice firms are actively participating in the pilot with more joining shortly, Mortgage Brain revealed, as part of a planned phased launch over the coming months.
Mortgage Brain CEO, Mark Lofthouse, said: “We’re really pleased with the way that brokers have adopted Lendex and the positive feedback about its ease of use and how it benefits their business. It’s important to have a complete end to end journey from initial enquiry through to application submission and the Mortgage Brain proposition delivers this.
“We know from our conversations with brokers who’ve worked with us throughout the development and piloting of Lendex that it delivers on the promise of obtaining a DIP quickly and the reuse of information already held to efficiently submit and track full applications.
“The lenders already taking part recognise the quality of applications being received and how the mortgage application process is being streamlined for the benefits of brokers, their clients and lenders alike.”
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