Paragon Bank has launched a new buy-to-let (BLT) mortgages originations platform, which it said would make applications “faster, smarter” and “more flexible” for brokers.
The platform has been in development for more than two years with the help of mortgage brokers.
It was developed to give advisers certainty with its streamlined application process based on individual circumstances to produce faster decisions in principle (DIP) and tailored application requirements.
Paragon also aims to give brokers transparency by informing them on the progress of the mortgage applications, and deliver speed by processing applications more efficiently and accessing data at source where possible to reduce the application to offer time.
The platform draws on data from a number of sources including Companies House, Experian and Hometrack to pre-populate application details. It then amends the application requirements for each case so only relevant questions are needed, and information is requested once.
Paragon will also use artificial intelligence (AI) to support its underwriters by extracting, analysing and validating information for them to review.
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To improve the validation process, brokers can upload a client’s property schedule and store it for future cases to reduce the documentation needed.
The lender said automating manual tasks would give its underwriting team more capacity to focus on tasks that add value to brokers.
Paragon Bank delivering a ‘faster, smarter’ experience
Louisa Sedgwick, managing director of mortgages at Paragon Bank, 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.”
The launch of the platform will be phased over the first three months of the year, firstly with a small number of mortgage networks and clubs. During this period, enhancements will be made to the platform before it is available to the whole of market, which is expected by the end of March.
Meeting the needs of brokers
Jonathan Workman, mortgages transformation director at Paragon Bank, added: “We decided to develop this system in-house and bespoke to our needs because the ‘off the shelf’ options didn’t meet our requirements or expectations of what we want from a system, or more importantly, what our broker partners want. Our new mortgage origination platform is transformative to our business and how we work with intermediaries.
“We’ve worked closely with brokers throughout the project to address any pain points and get a real understanding of what the best mortgage application process looks like whatever the size of the property portfolio. This insight has informed every stage of the programme and will help to ensure intermediaries have the best possible experience when placing business with us.”
Vincent Burch Mortgages Services was one of the firms to pilot the system.
Steve Clarke, operations manager at Vincent Burch, said: “Straight away we could see that significant improvement to the application journey, which has resulted in us being able to process our Paragon business much quicker than before. We provided lots of feedback during the pilot phase and its really refreshing to see that so many of our suggestions have been actioned and implemented.”
Speaking to this publication last year, Paragon said the platform would strengthen its relationship with brokers.
