Lenderquote, the software used by master broker Promise Solutions, is now making its systems available to loan packaging brokers on a licenced basis.
It claims it can result in reduced training times, lower administration costs, faster sales, less reliance on experienced underwriters plus detailed research records and audit trail to protect the business.
Steve Walker, spokesman for Lenderquote, said: “The underwriting and sales system has been tried and tested over the last seven years and is recognized as best in class. Over 10,000 intermediaries have registered to use the introducer version through Promise Solutions and its partners.
“For secured loan brokers and packagers with direct lender agencies Lenderquote can provide a complete underwriting and sales platform including whole of market underwriting and sales process for 19 lenders, integrated lender credit search’s, built in TCF and compliance tools and audit, integrated lender agreement printing and data integration via XML to CRM systems to reduce rekeying.”
To evidence compliance the system generates detailed records of the research on each quote and ‘reasons why’ to satisfy CCA, TCF and FCA requirements. To further reduce administration time lender agreements are printed centrally from the system together with standard pre-completed documents such as the application form and DDM.
All lender plans and documents are maintained within the monthly fee of £250 for five users and the system is fully hosted and online.
Walker added: “99% of loan packagers do not have access to this type of technology but it is an important requirement now and will be a business imperative as the industry moves to FCA regulation. The system is currently in use in pilot mode with selected partners and will be available more widely in the coming weeks.
“Lenderquote compliments experienced underwriters enabling teams of less experienced people to properly deal with secured loan enquiries, meet current and future regulatory requirements, reduce administrative burdens whilst freeing up underwriters to deal with exceptions. If a compliant secured loan quote is needed in a hurry Lenderquote is the answer.”
