Mortgage Brain has revealed the completion of the first live transaction on Lendex, its new multi-lender application and submission gateway.
The transaction was placed by Mortgage Advice Agency who used Lendex for a live application with the Coventry Building Society.
Mortgage brokerage, Mortgage Advice Agency in Nuneaton, put through a buy-to-let remortgage case. An AIP was submitted and an accept decision successfully returned, which was then converted to a Full Mortgage Application with the submission, decision and subsequent application, all being successfully tracked.
Carly French from Mortgage Advice Agency said: “The system was clear and very easy to follow, and will easily fit into any broker’s working day. I picked it instantly, having navigated it only once.
“We’re looking forward to incorporating Lendex into our mortgage process and the positive impact it will have on our business.”
Lendex has a phased launch due in 2020, following a successful pilot.
It will submit AIPs and FMAs directly to all participating lenders’ back office systems with one log-in. It will provide a process to request a decision in principle and then digitally complete, submit (together with documents), administer and track full mortgage applications.
Through Lendex, Mortgage Brain will also offer APIs on behalf of participating lenders.
Mark Lofthouse, CEO of Mortgage Brain, said: “We are delighted to have completed the first of what we anticipate to be many tens of thousands of transactions on Lendex over the next year. It is an important milestone and we remain on track to launch this brand new platform that will transform the decisioning and application process at no costs to advisers in 2020.”
Kevin Purvey from the Coventry Building Society, added: “We are very proud to be able to facilitate the first transaction in Lendex. This digital gateway is a key component of our strategy to adopt and use new technologies that support intermediaries. The industry as a whole, will benefit from the increased efficiency provided by Lendex.”