Origo has set out a timeline for mortgage standards to be in place by the second quarter of next year.
It says its mortgage governance group is committed to delivering standards for full mortgage application, mortgage tracking and product data by next summer.
The standards will complete coverage for the mortgage sales process for mover, remortgage and buy-to-let products.
Origo says standardising these processes will help streamline data transfer between intermediaries and lenders and enable straight-through processing for mortgage sales, helping to integrate services on lender websites, reducing the need for rekeying data and helping intermediaries in tracking mortgage applications.
Origo managing director Paul Pettitt says: “With the appetite for e-services 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 wanting to offer online full mortgage application, tracking, and product data services.”
Hamptons International Mortgages managing director Jonathan Cornell says: “This is a positive step for the mortgage industry that will benefit intermediaries by reducing the amount of data to be keyed, saving time and improving communication with lenders.”