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L&G act with lenders to offer improved access to online mortgages

Legal & General is revam-ping its online mortgage decisions software to allow advisers to input borrowers&#39 data directly into lenders&#39 application systems.

L&G says the new facility will allow advisers to produce credit-scored acceptances in principle in 60 seconds.

The life office also says the new functions have been developed following collaboration with its supporting lenders. Advisers can now submit and process mortgage applications to lenders online, as well as tracking the progress of individual cases in real time.

The service covers over 2,000 mortgages from more than 120 UK lenders.

The system is updated up to 60 times daily to include changes to information on lending criteria and product details.

L&G says the new facilities will benefit advisers and homebuyers.

It says the pre-completed online forms from the lender&#39s system mean advisers and homeowners do not have to duplicate their efforts by having to input the same information twice.

L&G is hoping that its latest online innovation will help to reduce the time that is needed to produce mortgage offers and increase the efficiency of intermediaries.

Director of housing marketing Stephen Smith says: “By working closely with lender partners, we have developed a truly flexible electronic mortgage service.

“Rather than the forms being printed off only for the data to have to be rekeyed, our process means data ent-ered by the adviser results in a mortgage offer from a lender being issued quicker, with less need for hands-on human involvement in the intervening stages.”

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