Paragon Bank has unveils its new buy-to-let mortgage origination platform, designed to provide an improved application experience for intermediaries.
The bespoke new system has been developed in-house over the past two years with feedback from brokers.
The lender claims that its new system delivers three core benefits to mortgage brokers:
• Certainty: quicker Decisions in Principle and tailored application requirements
• Transparency: brokers are kept informed on progress throughout the mortgage process
• Speed: applications are processed more efficiently, reducing application-to-offer time
The system draws data from a range of sources, including Companies House, Experian and Hometrack to pre-populate application details. The platform tailors application requirements to each case, while AI is used to support underwriters.
Louisa Sedgwick (pictured), Paragon Bank managing director of mortgages, said: “The launch of our new mortgage originations platform is fantastic news for us and our broker partners because it will transform how we work together. Delivering a faster, smarter and more flexible experience, we’re really excited to share it with the market after spending two years developing it with lots of input from intermediaries.
“We have been blown away by the feedback we have received during the test phase and our broker partners report that it is far quicker and simpler to submit their clients’ applications than our previous system. It also gives us greater capacity, increasing the level of business we can process and enabling our team to focus on delivering an even better service to our partners.”
Paragon will phase the launch of the platform over the first quarter of the year. Initially launched with a small number of mortgage networks and clubs, Paragon further enhancements to the platform before it is made available to the whole of market, expected to be by the end of March.
