A new mortgage portal is being set up this month, bringing technology standards to the sector for the first time.
Money Marketing can exclusively reveal details of a plan to launch a platform for sub-prime lenders that will offer both mortgage transactions and sourcing.
The Mortgage Portal will introduce technology standards into the sector for the first time using mortgage industry data exchange standards that will merge with Origo standards.
The new service will rival existing propositions like The Mortgage Exchange but aims to offer multi lender sourcing services for complex products.
The portal is being piloted with four of the biggest distributors in the market – Kensington Mortgages, Platform Home Loans, Solent Homeloans and BDS Mortgages.
These distributors together represent a 2.5bn share of the sub-prime market and an additional distributor is expected to join which would add another 2.5bn.
Two software providers, 1st Software and Dashboard, have been involved in the pilot project but other technology companies are expected to integrate their systems in the next few months.
Mortgage Portal managing director Brian Hall says: “Brokers working with clubs, networks and packagers deploying the portal can expect a more accurate decision at a much earlier stage in the process and should also benefit from a faster and more reliable service.”