Monmouthshire Building Society has expanded the pilot of its new mortgage origination platform to include a wider group of intermediary firms as it prepares for a whole-of-market launch later this year.
The mutual has added a further tranche of brokers to the pilot of MQube’s Origo platform, which was launched last month to streamline and accelerate the mortgage application process.
The initial pilot involved three selected firms – L&C Mortgages, Elite Independent Mortgages and MPI. Monmouthshire has now extended access to Lima Money, Watson & Co, Remoo Ltd, Mortgage Advice Bureau, Mortgage Style, Mike Powell Mortgages and MP Financial Services (Wales) for residential mortgage applications.
The society said early results from the pilot had been encouraging, with some applications progressing from submission to offer in less than 24 hours through the new system.
Bethan Jenkins, mortgage transformation lead at Monmouthshire Building Society, said: “We are really pleased that we have been able to open up the pilot to even more brokers, so they can see themselves the improvements we have made to our mortgage application journey.
“We are constantly tweaking the system to ensure that it’s functioning in the way our intermediary partners are expecting and wanting it to work and hopefully, by the time we are ready to open it up to the whole of the mortgage market, it will be at peak performance.”
The rollout forms part of Monmouthshire’s plans to modernise its mortgage processing and improve the experience for both brokers and borrowers.
Sheldon Martin, financial adviser at MPI, said: “Having used the new system as part of the pilot, I’ve been really impressed with how straightforward and user-friendly it is. It’s intuitive, easy to navigate and significantly reduces time spent on administration.
“The integration of credit information helps streamline applications from the outset, creating a smoother and more efficient experience for both brokers and clients. It’s a great example of technology being used to simplify the mortgage journey while maintaining a high level of support throughout.”
Monmouthshire Building Society plans to make the platform available to the wider intermediary market in the autumn, following completion of the pilot programme.
