HSBC UK has become the first lender to automate remortgage cases through LMS’s Decisioning and Automated Remortgage Technology.
The bank said the move could speed up the remortgage process by reducing manual work and giving customers clearer information at the start of their case.
The LMS DART system assesses remortgage cases and routes them either through a fully automated journey or a partly automated process, depending on the complexity of the case.
HSBC UK said many remortgages still depend on manual processes, which can cause delays and uncertainty. In some cases, borrowers may move onto a lender’s variable rate and face higher repayments while waiting for completion.
The bank said DART would provide borrowers with upfront visibility of what their remortgage will involve, including expected timelines and whether additional legal work or costs may be required.
Oli O’Donoghue, head of mortgages at HSBC UK, said: “We are pleased to be the first lender to adopt LMS’s automated technology, providing borrowers with a smooth route to completing their remortgage.
“Across the mortgage industry we are seeing a determined effort to speed up processes for borrowers, whether they’re a first-time buyer, moving home, or simply remortgaging.
“HSBC UK is committed to playing its part, whether that be adopting new technologies like DART, digitising simple processes, or removing duplication.”
Suzanne O’Connor, chief relationship officer at LMS, said: “Having worked with HSBC UK for many years, it is great to be welcoming them as the first live lender to utilise case automation through DART.
“Remortgage cases can be time consuming and labour intensive, which often creates uncertainty for everyone involved.
“DART was designed to change that – by minimising manual intervention and giving customers clarity from the very start of the journey.”
HSBC UK will initially use DART to automate lower-complexity remortgage cases, allowing conveyancers to spend more time on more complicated cases.
The lender said eligible customers could benefit from earlier certainty over what their remortgage will involve, clearer timelines, more confidence around completion dates and fewer unexpected issues during the process.
