Instamo has launched FastAdmin, a post-submission automation service designed to reduce the administrative work involved in progressing mortgage applications.
The system connects lender platforms with broker customer relationship management systems and continues monitoring cases after they have been submitted.
It automates rate checks, case updates and mortgage offer checks before returning structured information to the broker’s CRM through Instamo’s application programming interface.
FastAdmin will become available to brokers from September through a dedicated dashboard or via CRM integration.
AUTOMATED RATE MONITORING
The technology checks each live mortgage application against the lender’s latest products throughout the period between submission and completion.
If a customer becomes eligible for a lower rate from the same lender, FastAdmin identifies the opportunity and notifies the adviser.
The broker retains control of the decision and must approve any change before the platform updates an eligible case.
Instamo said the service would make ongoing rate monitoring practical across a firm’s entire pipeline while helping brokers demonstrate good customer outcomes under Consumer Duty.
The accompanying dashboard can be used for case monitoring, configuration and workflow management.
POST-SUBMISSION BOTTLENECK
FastAdmin follows the introduction of FastSubmit, which autofills decisions in principle and full mortgage applications.
Instamo claimed FastSubmit made submissions up to 10 times faster and saved an average of 26 minutes per case. Its analysis indicated that FastAdmin could save between four and six hours of post-submission administration per application.
Freddie Savundra (main picture, inset), founder of Instamo, said: “Mortgage admin does not end when you press submit.
“By automating post-submission administration and seamlessly updating firms’ existing CRMs, we’re removing one of the biggest operational burdens in the mortgage process and giving advisers and administrators more time to focus on clients, not case management.”
Mark Harrington, chief executive officer at L&C Mortgages, added: “While FastSubmit transformed the application process, FastAdmin has the potential to deliver the same step change across post-submission administration by automating many of the repetitive tasks our teams carry out every day.
“We’re pleased to continue supporting Instamo as they innovate in this space and develop practical solutions that improve efficiency, accuracy and ultimately deliver better outcomes for consumers.”
