Burrow is expanding its API-led Digital Mortgage Platform to include two modules developed for mortgage brokers – Client Portal and Retention Marketing.
Research conducted by DPR Group found that 55% of brokers say fact find would increase operational efficiency, while 79% of mortgage applicants would be comfortable using digital signatures.
Burrow claims that the new Client Portal module gives brokers the tools to provide a digital application experience from anywhere. The Portal offers an extended digital fact find, document upload, digital signatures, biometric ID verification and open banking connectivity.
The portal is designed to simplify everyday admin processes by providing live status updates to clients, digitally generated reports, and an appointment management feature to help brokers keep on top of workload.
The research also showed that 67% of consumers would explore mortgage options with a broker if they were contacted before their deal ended.
The Retention Module aims to provide brokers with the tools to compete with the rising number of product transfers caused by low repayment rate options and the busy purchase market. Using automated email updates for key customer engagement points, remortgage prospects and cross-selling opportunities, the Retention Module is designed to improve client retention rates and increase brand awareness.
Burrow has filled up its quota of 30 broker firms that wanted to be first to test out the solution. Officially launching this summer, interested firms are invited to join the ‘Early Adopter List’ via the Burrow site to ensure priority access to the platform once open to everyone.
Pradeep Raman, founder of Burrow, said: “Unprecedented activity levels in the purchase market, paired with high rates of product transfers and a challenging market for cross-selling, has created a difficult environment for brokers over the past twelve months.
We have listened to brokers and what they really want, and we are proud to be launching a product which cuts through the noise and provides the tools for an end-to-end mortgage journey, from initial research stage through application to renewal.
“It is essential to us that the Burrow Digital Mortgage Platform helps brokers hit the ground running, which is why we are offering limited spaces on the launch. Brokers are encouraged to join our ‘Early Adopter List’ to ensure they receive full access in the summer and can start reaping the benefits from the outset.”