Technology provider Iress has launched a mortgage lenders eligibility checking service to its broker software Xplan allowing advisers to perform a soft credit check for applicants with multiple providers in one hit, offering certainty earlier in the advice process.
The software runs an Experian soft credit bureau check on the client(s) without leaving a hard footprint on their credit record.
Next, the data returned is used in combination with the client’s income and expenditure information to assess against each supporting lender’s affordability and eligibility criteria, including credit scoring.
The decisioning, developed by Experian-owned HD Decisions, is based on the lender’s overall eligibility criteria, offering a view of willingness to lend rather than a product-specific search.
The system is available to all users of the financial planning, audit and business practice reporting software Xplan.
Mortgage adviser users can avoid running individual affordability and eligibility checks with several lenders on the portal offering a substantial time saving.
Photo uploads coming
Andrew Simon, executive general manager, product at IRESS, said: “Bringing the underwriting experience further forward in the advice journey and simplifying the process is in keeping with the recent FCA Mortgage Market Review.”
Simon said the software provides greater certainty and transparency to the adviser’s client and offers advisers a slicker proposition.
Simon added: “Providing better, more impactful customer outcomes is a vital part of our product strategy. We are focused on innovating around the points of inefficiency and frustration in the end-to-end mortgage journey.
“With this new service we are helping advisers and their clients get through the mortgage application process quickly and with more certainty of outcome.”
Eligibility searches cost £3 for a joint and £2 for a single life search.
Currently, the eligibility software involves 12 lenders which Iress said gives a ‘strong indication’ of where the market is going, and it confirmed HD Decisions is in discussions with most of the top 20 lenders.
Simon said the next evolution for Xplan users is a client portal allowing secure chat and photo uploads of client documents, which is due out in H1.
Victoria is group editor, Mortgage Solutions and Your Mortgage at AE3 Media.
Previous titles include editor of What Mortgage and Credit Today and a stint freelancing for various titles, including The Guardian, Which? and Money.co.uk