Callcredit Information Group has announced a partnership with a new to market fintech platform, Smartr365, to speed up mortgage applications and provide real-time affordability assessments.
The partnership will include providing Smartr365 users with access to MOGObankconnect, an app that enables consumers to securely share online banking transaction data using their personal device, to confirm income and expenditure assessment in real time. The customer is in complete control and their log in credentials are not stored or shared with any third parties.
Conor Murphy, Director, Smartr365 & Capricorn Financial said: “We’re delighted to be partnering with Callcredit to be able to offer our advisers new software that will benefit them and their customers. We scanned the market for technology solutions and chose MOGObankconnect over other products due to its security platform, and the direct secure connection it makes to the bank that does not require the customer to divulge their online banking log in credentials. Customer security is the cornerstone of the Smartr365 solution. We were specifically looking for a bank statement retrieval solution and credit reports, to build in to our proposition, but we have found a unique solution that provides so much more.”
“From there our advisers can check the value of their client’s home to make sure the deal fits from that perspective too, and then submit the application to the lender and to the relevant solicitor, all at the touch of a button. The adviser, client and any introducer involved, can track the progress of the application right through to completion. This massively shortens the time taken to process a mortgage, whilst also removing most of the pitfalls from the process and increasing the likelihood of completion. We have used the Smartr365 platform for many years within Capricorn and the addition of the Callcredit functionality to this is a major game-changer for us.”
Neil Robinson, Business Development Manager, Callcredit Information Group said: “There is a growing demand to speed up the application and decisioning process, whilst maintaining compliance with responsible lending rules and guidance. This is why we launched MOGObankconnect back in April 2015, to provide consumers with the facility to simply, securely and quickly package up their banking transactional data to confirm their income and expenditure commitments online, rather than from printed bank statements.
“We’re delighted to be partnering with Smartr365, and proud to see our solutions embedded within its platform as they take it to market. This will help brokers reduce application times, meet regulatory obligations under ever more rigorous affordability assessment guidelines, whilst making the mortgage application process quicker and easier for the consumer.”