Buy-to-let (BTL) lender Paragon has confirmed the full market launch of its BTL mortgage origination platform.
All brokers who place business with Paragon will be able to use the mortgage originations platform, which offers an “intelligent, efficient and dynamic digital application process”.
The mortgage originations platform was launched with a limited rollout in January this year, and since then the lender has worked closely with brokers partners, using their feedback to “further improve functionality”.
Paragon said it identified three core principles to improve the broker experience. These are certainty, transparency and speed.
Consequently, the platform application process is based on individual circumstances leading to quicker decisions in principle and tailored application requirements, brokers are kept informed of the progress of their applications and applications are processed more efficiently.
Data is, where possible, accessed at source, so the application-to-offer time is cut. This includes integration with Companies House, Experian and Hometrack, so data is gathered and automatically entered from the source, saving time and minimising errors.
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Brokers will only have to input fields that apply to the individual application and information requests are not duplicated.
The mortgage originations platform leverages artificial intelligence (AI) to complete tasks such as extracting, analysing and validating data, allowing the lender’s underwriting team more time to support brokers.
The validation of property schedules has also been improved and once uploaded documentation is stored, so future processing can be made simpler.
Louisa Sedgwick (pictured), Paragon Bank’s managing director of mortgages, said: “Today is a big day for Paragon because the market-wide launch of our new mortgage application platform represents a leap forward in our company’s digitalisation journey.
“It follows more than two years of behind-the-scenes work, but completely changes the application experience, so I’m confident that brokers will agree it’s worth the wait. The feedback of those who have already been using the system as part of our phased rollout has been fantastic, and we have taken on board that feedback to further enhance the offering.
“As well as Paragon colleagues who have put blood, sweat and tears into this project, I want to thank the brokers who have helped to shape the system, they’ve been absolutely crucial.”
Andrew Smart, Paragon’s mortgages strategic transformation manager, said: “A phrase we’ve used a lot when talking about this project is ‘making life easier’ for brokers because, as simple as that sounds, that is what we’ve set out to do. The complex lending we specialise in can lead to a complex, multi-layered application process, which can be time-consuming for brokers.
“Working with brokers throughout the project, we’ve identified and addressed this, stripping back those layers. Identifying the different aspects of a gold standard mortgage application has helped us to hone in on what matters most to brokers, and the result is a platform that provides more certainty, transparency and speed.”
David Tonks, director at Advocate Finance, said: “The whole process runs much more smoothly, and valuation reports are available to download as soon as received, saving time. It pulls limited company data through to the application, which also speeds things up, and uploading the document requirements is a much easier process.”
