Mortgage Engine – a new fintech which uses Application Programming Interfaces (APIs) to connect lender back office systems to distributors in a single, accessible platform – has today launched to the market.
Mortgage Engine’s digital platform is designed to enable a truly end-to-end mortgage application process. It offers fully-functioning, two-way API connections, as well as the first multi-DiP proposition in the UK mortgage market. For the first time, intermediaries will be able to source decisions in principle from multiple lenders simultaneously. This can result in a decision and max loan from each lender provided within 60 seconds. It will also save intermediaries considerable time by eliminating unnecessary re-keying and duplication of customer data, allowing them to focus on the advice-giving process and improving the customer experience.
Cloe Atkinson, Managing Director at Mortgage Engine, said:
“Intermediaries have been grappling with a fragmented application process for too long. In this age of emerging tech, they should not have to duplicate and re-enter customer data to get the information they need before advising customers on the best deal.
“Our platform has the power to transform the mortgage application process for everyone. We complement sourcing and CRM systems already available in the market by powering their connections in a quick and efficient manner. Mortgage Engine is designed to improve efficiency at every stage and ultimately make the process faster and more effective for lenders, intermediaries and customers alike.”
In the coming weeks, products from Santander for Intermediaries and NatWest Intermediary Solutions will be piloted on the Mortgage Engine platform, connecting 22% of the market. Mortgage Engine is looking to integrate 80% of the mortgage market by the end of 2020.
Brad Fordham, Managing Director, Santander for Intermediaries said:
“The mortgage market has been calling for technological innovation for some time. Mortgage Engine will play a vital part in shaping the industry’s future. It will provide seamless lender and distributor integrations, save time for intermediaries and deliver the best possible outcomes for customers. This time next year we will be wondering how the sector existed without it - watch this space.”
Graham Felstead, Head of NatWest Intermediary Solutions, said:
“Making a better mortgage journey for customers and brokers is core to our strategy at NatWest. Working with Mortgage Engine is the start of a journey where brokers will be able to seamlessly drive mortgage data to NatWest directly from their CRM/advice platforms, without rekeying in what is a simplified process. We’re excited to be working with Mortgage Engine in this important step toward a mortgage business where complex processes aren’t getting in the way of customers realising their home ownership goals.”
Dan Salmons, Director of Innovation, RBS Home Buying and Ownership, said:
“The introduction of mortgage APIs is an important development for the industry, and we’re proud to be playing a leadership role. We are excited about the capability that Mortgage Engine brings to the market, enabling brokers and lenders to connect through a single set of APIs. The use of APIs is a central part of our innovation agenda, and with the impressive connectivity that Mortgage Engine brings, will enable us to bring new customer and broker initiatives to market quicker than ever before.”
Peter Brodnicki, CEO at Mortgage Advice Bureau commented:
“Any platform that makes it easier for brokers to offer more comprehensive advice to homebuyers, while making the application process faster and simpler across the chain, can only be a positive addition to the market. Good advice is central to a mortgage process that offers true value for its customers. Mortgage Engine’s platform will help brokers improve their service offering, ensure borrowers are finding the best deals and improve the application process for everyone involved. It’s an exciting step forward in a space that has been calling for serious innovation for some time.”
On the distribution side, Mortgage Engine has connected with Dynamo so far.
Ying Tan, Founder and Chief Executive at Dynamo, comments:
“Greater efficiency across the end-to-end mortgage application process is imperative to ensure continued evolution. The market has been crying out for a catalyst to revolutionise the mortgage process, and the synergies between our two fintech businesses are crystal clear. We are thrilled to be instrumental in working with Mortgage Engine and to be at the forefront of this exciting new phase, continuing our drive to be a next gen mortgage broker.”
The platform will be adding more lenders and distributors throughout the year.