Precise launches new residential platform, cuts time to offer by almost 30%
The specialist lender, part of OSB Group, said application-to-completion times also fell by around a third compared with its previous residential platform.
Precise has launched a new residential mortgage platform which reduced average application-to-offer times by almost 30% during its pilot.
The specialist lender, part of OSB Group, said application-to-completion times also fell by around a third compared with its previous residential platform.
Some cases progressed from submission to formal offer within 24 hours.
The platform introduces a range of enhancements aiming to simplify the submission and assessment of cases while better reflecting borrowers’ individual circumstances.
Key improvements include support for adverse credit assessment, joint applications and more refined product segmentation.
It was piloted with members of the HLP network and other intermediary partners, with broker feedback used to refine the platform ahead of its wider launch.
The underlying technology is already used by Rely, OSB Group’s buy-to-let (BTL) lending brand, and has been tailored for Precise and its intermediary partners.
Emily Hollands (pictured), group head of intermediary sales and distribution at Precise, said: “This launch fundamentally changes the way we do specialist lending and is a significant step forward.
“For too long, brokers with complex residential cases have had to choose between the specialist expertise they need and the speed and certainty they want.
“Our platform has reduced average application-to-offer times by almost 30%, and in some cases, we’re issuing offers within 24 hours.
“The platform reflects extensive collaboration with brokers and is designed to give them greater certainty as cases progress.
“It also provides a foundation for future innovation, helping us deliver greater speed, certainty and transparency, which is exactly what the industry is calling for.”
Matt Brown, director at HLP, said: “As a network supporting more than 1,000 mortgage advisers across the UK, we were pleased to take part in the pilot of the Precise residential platform and provide feedback throughout the development process.
“It was clear that broker input was being listened to and acted upon.
“The result is a more efficient and transparent process that gives advisers greater confidence and certainty when progressing cases.
“The improvements we’ve seen during the pilot have been impressive and we’re pleased to see the platform now being made available to the wider market.”
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