Molo has become the first lender to use a new integration between One Mortgage System (OMS) and Rightmove’s automated valuation model (AVM), designed to reduce manual processes during mortgage applications.
The integration allows lenders operating on the OMS Originations platform to access Rightmove’s property valuation technology directly within their existing systems.
Eligible properties can be assessed using the AVM without lenders having to transfer information between platforms or enter the same data more than once.
The functionality is intended to help lenders assess suitable applications earlier in the process and identify cases where additional valuation work may be necessary.
Molo’s adoption marks the first live implementation of the service as OMS expands the third-party technology available through its loan origination platform.
Dale Jannels, chief executive of OMS, said: “Mortgage applications rarely slow down because of one major issue. More often, time is lost through a series of hand-offs, duplicated tasks and points where somebody has to wait for information before they can make the next decision.
“That makes connectivity increasingly important. The real value of bringing services such as AVMs into an origination platform is not simply that an individual task can be completed more quickly, but that information can reach the right point in the process without creating another manual step.
“As lenders continue to invest in their technology, the focus should be on how the different elements work together. A faster individual process only gets you so far if the application then sits waiting at the next stage.”
Matt Kimber (main picture), chief executive of Molo and ColCap UK, said: “As a specialist lender, we know that an efficient lending process matters. We’re continually looking at how we can remove unnecessary steps, reduce manual intervention and make it easier for brokers to do business with us.
“Integrating AVMs into our lending system through OMS is a practical example of that approach, helping to simplify the valuation process and improve operational efficiency.
“We’re pleased to be the first lender to take advantage of this capability via OMS and will continue to look for ways to make our processes work harder for our business and our partners.”
