Origo has announced its mortgage governance group has approved projects to deliver standards for full mortgage application, mortgage tracking, and product data by the middle of next year.
These new approved standards will complete coverage for the mortgage sales process for Mover, Re-Mortgage, and Buy to Let products.
Origo says standardising these business processes will help streamline data transfer between intermediaries and lenders and enable straight through processing for mortgage sales.
It also believes the standards will help to integrate services on lender websites, which will reduce the re-keying of data and assist intermediaries in the tracking of mortgage loan applications.
Hamptons International Mortgages managing director Jonathan Cornell says: “This is a positive step forward for the mortgage industry that will benefit intermediaries by reducing the amount of data to be keyed, so saving time and improving communication with lenders.”
Origo managing director Paul Pettitt says: “With such appetite for eServices in the mortgage sector it is vital that we achieve the interoperability of systems through XML data standards.
“These latest standards will be of great benefit to intermediaries and also a substantial resource for the industry, saving an enormous amount of time and effort for any organisation wishing to offer online full mortgage application, tracking, and product data services.”