Melton Building Society has announced a partnership with software company Mast to enhance its loan origination infrastructure, marking a significant step in its digitisation journey.
Mast’s software-as-a-service origination platform will enable the Society to boost its underwriting capabilities, adapt quickly to changing market conditions, and improve its service to brokers and customers.
Mast’s cloud-native platform, designed specifically for the UK mortgage market, offers lenders the ability to configure their systems to quickly create new products and journeys, adjust policies, manage user permissions, and implement automations.
In addition to Mast, Melton Building Society has selected Finastra Essence, a cloud-first digital banking solution, for its core platform. The Society will also be working with Fairmort, a software solutions provider for financial services, for data migration and regulatory reporting.
Following an initial 18-month period of success with Mast’s platform via its specialist mortgage subsidiary, MBS Lending, which led to a 22% increase in application-to-completion conversion, Melton Building Society is set to further leverage these improvements across its entire origination solution.
Simon Taylor, chief executive officer at Melton Building Society, said: “Our vision is to build a modern mutual Society that keeps pace with the demands of our members, and digital transformation plays a critical role in this.
“Choosing Mast as our origination solution is a significant step in the Society’s future, enabling us to revolutionise our application process, improve efficiencies and become more agile.”
Joy Joseph Abisaab, CEO at Mast, said: “The fact that Melton Building Society assessed the market and chose to upgrade and deploy the Mast platform for its full lending operation is a testament to the robustness of our product infrastructure and the promises we’ve kept and delivered since day one.”
