End-to-end mortgage platform, Acre, has integrated Equifax into its software.
Acre says this means advisers using its platform will be able to undertake seamless electronic identity and verification (EIDV) checks as part of the mortgage application process at no additional charge.
The platform is able to keep the fact find and mortgage product search coordinated so that brokers “can be confident on any application submission”, Acre says.
Equifax’s Identity Verification product verifies a client’s identity for brokers by cross-referencing their personal information against information held in its databases. It uses technology to assist brokers in meeting requirements for Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislations. Equifax’s Credit Report and Score solution also helps brokers gain a better understanding of the consumer’s creditworthiness at the point of fact find.
Justus Brown, CEO and founder of Acre, said: “This move is a game-changer for brokers and advisors as they can now access precise credit data without using any third-party sites. We deliver dynamic lending to borrowers and that involves getting the full picture of each applicant before they go through the decision-in-principle and mortgage application process.
“With Equifax we have seamlessly integrated electronic identity and verification into the platform using the very best in the market. We are automating anti-money laundering and KYC compliance as well as pulling vital credit information. This way we never have to worry that lenders will find something that could have been addressed up front with the client.”
Mark Bratley, Equifax’s UK sales director, added” “The mortgage market continues to grow and brokers are looking to convert this increase into business. But mortgage applications fall through the cracks because of poor quality of data and a lack of sharing throughout the lending approval process.
“Acre will now be able to deliver dynamic lending to borrowers using Equifax’s seamless electronic identity and verification platform integration. This will give Acre better visibility of each applicant’s position before they go through the decision-in-principle and mortgage application process.
“Alongside Acre, we aim to help homebuyers improve their credit score by building a fuller picture of their financial health, which helps them access affordable financial products and mortgages. We are delighted to partner with Acre to help brokers get to know every client quickly and accurately – helping match them to the right mortgage.”