From now on, Gen H will show mortgage brokers the details of their clients’ credit commitments when it finds discrepancies during the soft credit search when a broker submits a Decision in Principle. Gen H says it is the first to launch this development to the mortgage market in the UK.

The lender says that before, when an aspiring homeowner failed a credit check, mortgage brokers were unaware as what had been found on the credit file. Sometimes, a client simply fell outside lending thresholds. But in other cases, incorrect information on the credit file, or a commitment being paid off before the loan starts, would thwart a homeownership journey before it could begin.

Lenders generally tell brokers that their client didn’t qualify for the loan they wanted, and provide no further detail. This lack of transparency causes unnecessary back-and-forth with BDMs, underwriters and clients, and results in stressful and at times costly delays, Gen H says.

Gen H’s new feature means that if differences are found between declared credit commitments and bureau records, and if these discrepancies impact affordability, brokers will be able to:

• See the type and amount of the credit commitment(s) limiting affordability
• Exclude a commitment because it will be repaid before the loan starts, or because the value is incorrect
• Share context with the underwriters for greater clarity and faster underwriting

Luke Calton, senior product manager at Gen H, said: “From first being conceived to final implementation, this feature took almost two years to release as we explored important data privacy questions. But in researching this with brokers, we saw how frustrating it was to encounter a ‘computer says no’ experience with the credit file. We have access to this information, but we were never able to openly talk about it with the customer’s best interests in mind.

“I’m pleased that now, we can treat brokers like equals when it comes to the information we find on the credit report. This transparency is in the customer’s best interests, and I’m sure it will lead to a faster and smoother application process for all involved.”

Will Rice (pictured), Gen H CEO, added: “2024 is the year we’re doubling down on our relationships with our intermediary panel – and what better way than to ship market-first tools and innovations driven specifically by broker feedback? This launch was particularly complex as we were treading new ground in terms of data sharing and customer transparency, but if it helps our broker partners better serve their clients, it’s worth it.

“Our brokers should keep an eye out for many more exciting updates over the coming weeks and months.”