Y3S’s secured and bridging loan sourcing system has achieved £10 million in loan completions during the 12 months since its launch, the company has claimed.

The firm says that approximately 30% of UK mortgage brokerages now have at least one miLoan user account.

July saw over 1,000 quotes from the system, a rise of 23% on June.

Y3S expects miLoan to contribute £1.5 million of completions to the business in August as a direct result of July’s increased quote activity.

Secured loan completions in July that were generated directly through the sourcing system reached £753,000 and a £110,000 bridging loan also completed, a total of 22 cases, with users receiving an average commission of £1268. The total of loans completed through the miLoan bridging module has totalled £2.72 million since its release in the spring of this year.

“There has been a lot of negative talk about sourcing systems this year, mostly from industry people who have never attempted to understand or build one,” said Matt Cottle, Y3S’s commercial director.

“By investing in the development of innovative new technologies for the industry, Y3S is witnessing a prominent shift in the way that brokers are searching for loans for their clients.

“It’s no surprise in this day and age that brokers want fast, accurate loan quotes 24 hours a day on their desktops, tablets and smart phones.”