Iress, Mortgage Brain and Twenty7Tec are developing a common set of terminology and language across Iress Lender Connect, Mortgage Brain Submission Brain and Twenty7Tec Apply.

These technologies transfer mortgage application data between broker software and lender portals and help speed up decisions in principle and mortgage applications processes.

Their shared aim is to “create a better, more efficient mortgage decision and application experience for brokers and their customers”.

Mortgage Connectivity, already in use by 20 lenders, enables data transfer across systems, faster decisions and applications, and a reduction in re-keying and associated errors. To drive adoption of Mortgage Connectivity, the three technology platforms have come together with collaboration and support from Accord, Leeds Building Society and TSB to review and then standardise the way technology partners and lenders communicate to their broker partners, regardless of technology platform they use.

Dave Miller, Iress’ executive general manager, commercial, said: “To date, lenders and technology platforms have used a wide variety of terms to describe the same process. Clearly this is hugely confusing for brokers and can block the wholesale adoption of processes that can significantly improve the speed and efficiency of mortgage applications and decisions. It’s a problem faced by the whole industry and coming together as an industry was the only way to solve it.”

Neil Wyatt, Mortgage Brain’s sales & marketing director, added: “It is crucial that we work in collaboration when it comes to ensuring we are able to deliver the best possible outcomes for end users, regardless of the product, the technology being used or the size of the firm using the technology. By working jointly with our peers we are excited as to how this will genuinely help and support individuals and firms across the marketplace adopt the use of technology and ultimately drive significant customer benefits”

Nathan Reilly, Twenty7Tec’s director of lender relationships, concluded: “Education and collaboration are both essential to ensuring advisers are well placed to realise the efficiency and time saving technology has to offer. By standardising common language and positioning connectivity more consistently, this initiative is a positive step forward that means the entire market is now better equipped to increase adoption.”