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L&G Launchpad system boosts loans and protection

Legal & General is merging its mortgage and protection broker technology to unveil its new Launchpad service, allowing mortgage sourcing, protection quotations and applications to be completed in one process.

It says the point-of-sale technology platform can cut up to an hour off the time spent on individual applications and intermediaries can get a decision in principle in one minute rather than hours.

Mortgage Brain and Trigold have been picked as the sourcing systems on Launchpad and L&G says it has negotiated a discount for its club members who want to buy the software.

By combining its existing e-trading services with new systems for housing and protection sales, L&G says Launchpad meets all a client&#39s financial services transaction needs.

It has reached an agreement with nine lenders, which it says covers 70 per cent of the market, which are willing and ready to accept online applications through Launchpad.

The new service has been tested with selected L&G mortgage club member brokers and is going live to all intermediaries with the aim of signing 2,500 users by October.

The company says one of the biggest benefits is that intermediaries only have to enter their client&#39s details once and the information is reused at each stage of both the mortgage and protection product application process.

With mortgage regulation scheduled to be introduced in 2004, L&G says Launchpad will give brokers the tools to be compliant under the new regime.

Housing and protection director Graham Newitt says: “By aggregating data across the housing sale in this way, advisers can capitalise on the benefits of trading electronically with us and our lending partners while still foll-owing their favoured sales process.”

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