Paragon Bank has launched a new buy-to-let mortgage origination platform aimed at improving the application process for brokers.
Developed in-house over two years, the platform incorporates feedback from brokers to deliver a more streamlined experience.
The platform offers three main benefits for mortgage brokers: certainty, transparency and speed.
Certainty comes from a streamlined application process that provides quicker Decisions in Principle (DIP) based on individual circumstances.
Transparency ensures brokers are kept informed about progress throughout the mortgage process.
Speed is achieved through efficient application processing and data access, which reduces application-to-offer time.
The new system pulls data from sources such as Companies House, Experian, and Hometrack to automatically fill in application details.
It tailors the application requirements to each case, ensuring that only relevant questions are asked.
Artificial intelligence supports underwriters by extracting and validating information for review.
Intermediaries can also upload their client’s property schedule, which is stored for future applications, reducing paperwork.
Paragon will phase the launch of the platform over the first quarter of the year.
Louisa Sedgwick, managing director of Mortgages at Paragon Bank, said: “The launch of our new mortgage originations platform is fantastic news for us and our broker partners because it will transform how we work together.
“Delivering a faster, smarter and more flexible experience, we’re really excited to share it with the market after spending two years developing it with lots of input from intermediaries.
Sedgwick added: “We have been blown away by the feedback we have received during the test phase and our broker partners report that it is far quicker and simpler to submit their clients’ applications than our previous system.
“It also gives us greater capacity, increasing the level of business we can process and enabling our team to focus on delivering an even better service to our partners.”
Jonathan Workman, mortgages transformation director at Paragon Bank, said: “We decided to develop this system in-house and bespoke to our needs because the ‘off the shelf’ options didn’t meet our requirements or expectations of what we want from a system, or more importantly, what our broker partners want.
“Our new mortgage origination platform is transformative to our business and how we work with intermediaries.
Workman added: “We’ve worked closely with brokers throughout the project to address any pain points and get a real understanding of what the best mortgage application process looks like whatever the size of the property portfolio.
“This insight has informed every stage of the programme and will help to ensure intermediaries have the best possible experience when placing business with us.”
Vincent Burch Mortgages Services was one of the firms to be selected to form part of the new system’s pilot.
Steve Clarke, operations manager at Vincent Burch, said: “Straight away we could see that significant improvement to the application journey, which has resulted in us being able to process our Paragon business much quicker than before.
“We provided lots of feedback during the pilot phase and its really refreshing to see that so many of our suggestions have been actioned and implemented.”
