LenderGateway will capture half of the UK’s top 10 mortgage lenders this year claims Peter Heigho, managing director of the system’s developer APAC Systems.
So far Precise Mortgages, Shawbrook and Together have integrated their own systems with LenderGateway, the combined sourcing and case management system, meaning advisers won’t have to rekey client information into the lender’s systems.
But briefing brokers about the system in London yesterday, Heigho was in bullish mood about other lenders joining the first three.
He said: “In six months’ time I reckon I will have five of the top 10 high street lenders on there.
“And the rest of them frankly organise a queue guys you should have come on when you had the chance!”
LenderGateway, which was launched on 21 September 2015, already hosts the application forms and mortgage data from the UK’s major lenders.
Last month Brightstar chief executive Rob Jupp was scathing about the two major sourcing systems Trigold and MortgageBrain – calling them “big swinging dicks”.
And Heigho joined in, adding: “The reality is Trigold and MortgageBrain are nothing more than best buy tables.
“If their data is reasonably up to date all they show is the current products that are available that roughly fit.
“Using their systems the only way to work out whether a case fits is by looking into a product’s criteria and reading into it yourself.”
MortgageBrain declined to comment and Trigold was unavailable for comment.
Peter Heigho, Managing Director of APAC Systems, feels that current sourcing systems have led to a lack of innovation.
APAC Systems launched LenderGateway last September, which has partnered with Shawbrook Bank, Precise Mortgages and Together to become what it claims to be the first truly end-to-end sourcing system.
When asked whether he felt that there were enough good sourcing systems on the market, Peter stated: “No. In reality 99% of sourcing is covered by two sourcing systems, so they have little motivation to innovate.
“LenderGateway is disrupting this status quo by pushing forward technology to really serve intermediary firms.
“A system that is just adequate, no matter how big its market share, is frankly no longer adequate in this market.”
Peter's comments come after industry experts told Loan Talk that many sourcing systems missed vital information and Peter felt that the days of the standalone sourcing system had gone.
“Now, due to the complexity of underwriting from lenders and the tightening of criteria, intermediary software needs to be more flexible and all-encompassing.
“This is what LenderGateway provides – the most advanced mortgage sourcing, a credit search, clever case management and submission in a pioneering piece of fully compliant software.”
Speaking about what made a good sourcing system, Peter added: “Accuracy of data is key, as well as how current it is.
“Another crucial element is the capability of the sourcing system to accurately cross-reference client data with the mortgage data to make a match.
“This may sound like a small point, but it makes a tangible difference to the broker using the system.”
“A good sourcing system will cross-reference to a level that an adviser may not know off the top of their head.
“LenderGateway complements rather than replaces the adviser’s knowledge.”
Precise Mortgages, Shawbrook Bank and Together have signed up as the first three lenders to begin to integrate with the ground-breaking mortgage software system, LenderGateway, to enable direct submission from brokers.
The pioneering lenders are helping to forge the first truly end-to-end sourcing, case management and submission system with absolutely no rekeying required from initial client enquiry.
Peter Heigho, managing director of APAC Systems, which created the innovative software, said: “It’s no surprise that the first three lenders on board are tech-savvy, successful and ambitious businesses, with clear growth strategies and strong experienced teams guiding them.
“They all understand the crucial role technology plays in the mortgage market, and want to be at the forefront of new developments that show tangible advances for brokers, lenders and clients. LenderGateway does exactly that, and this is just the start.”
Maeve Ward, sales and operations director at Shawbrook Bank, added: “LenderGateway is a breath of fresh air, and a platform that the market has been crying out for, for many years. A one-stop-shop for sourcing, decisioning, processing and updating in real time.
“Huge investment in time and money has been spent to truly understand the needs of the end user and create a fully automated wing-to-wing system that should drive accurate day one decisioning, reduced cycle times, and better conversions - three key metrics for a seamless customer journey and a positive customer outcome.”
Heigho designed and built LenderGateway after 25 years of delivering the UK’s leading mortgage technology to the market, including Trigold’s Prospector and The Key.
It’s the most advanced and reliable broker software available in the UK today, combining mortgage sourcing with client management and submission in one groundbreaking piece of FCA-compliant software. It covers first charge, second charge, buy-to-let, bridging and commercial finance and compares them side by side.
APAC Systems has launched LenderGateway, a ground-breaking piece of mortgage technology, combining mortgage sourcing with a credit search, client management and case processing tool in one pioneering piece of MCD-ready software.
Developed by technology guru Peter Heigho, who was responsible for Trigold’s Prospector and The Key, this innovative technology has been specifically built for the intermediary mortgage community.
He says: “LenderGateway is undoubtedly the most comprehensive, advanced and intermediary-friendly software available in the UK today. I understand what brokers and distributors need from their technology and have created a winning combination of market-first features with reliable data, wrapped in a fully FCA-compliant package.”
“With 1,500 DA firms already registered to use the software, it’s clear that the mortgage intermediary sector is ready for the next evolution in business support systems.”
LenderGateway is a complete point-of-sale system, comprising the following key benefits:
SmartSource – leading mortgage sourcing that enables brokers and distributors to find the most suitable product for the client from across the board, including detailed comparison of mortgages and secured lending options.
Equifax Credit Search – SmartSource will undertake a credit search with Equifax, sourcing and displaying products based on the client’s individual credit profile – a ‘first-of-its-kind’ feature.
SmartCRM – A state-of-the-art integrated client relationship and case processing system that enables brokers and distributors to move seamlessly and compliantly from initial enquiry to sourcing to direct application onto lender systems.
SmartForms – A genuine first in mortgage technology, SmartForms, provides total integration across the system with automatic prepopulation. Whether it’s a ‘Contact Me’ form completed on the broker’s website, a FactFind, or a PDF you upload, the information will automatically integrate onto the sourcing system, the lender’s application form and across the whole of LenderGateway.
Ian Balfour, CEO of Solent Mortgage Services, said: “We have been delighted with our bespoke version of the system, which we call 1App@SMS, as it provides our introducers with product comparisons, quotes and completed application forms for signature.
“The software enables better decision making for brokers as the lender rules sit behind the questions, which means the client’s circumstances meet the right lender’s criteria at the beginning of the process.
“As we develop the system, it will form part of our back-end process to manage applications through from AIP to completion, keeping introducers in touch with vital stages on the path and producing better client outcomes.”
Nigel Payne, managing director of TFC Homeloans, which has also trialled the software, said: “I’ve been in the industry for 25 years and heard a lot of promises about technology, but LenderGateway is by far the most advanced system I’ve seen. It has had a tangible impact on our efficiency and working processes over the last eight months and the sourcing element of the system is second to none.”
LenderGateway is fully FCA compliant, now and under the Mortgage Credit Directive, as well as being compatible with Microsoft Office. Find out more at www.apacsystems.co.uk