Lifetime mortgage provider More 2 Life is investing in a new online portal designed to speed up applications and further integrate underwriting.
The portal adapts residential mortgage market technology for the equity release sector that makes it possible to go from Key Facts Illustrations to application submission within 15 minutes.
The system supports populates the questions brokers need to ask customers and collects information so that non-qualifying criteria are identified early in the process.
More 2 Life says it enables end-to-end digital processing removing the need for signatures on some applications, with medical questions built in so brokers do not need to use separate links for medical reference.
Dave Harris, managing director at More 2 Life, said: “The new portal incorporates technology which has been standard in the mainstream mortgage market for years and will speed up the journey for equity release customers immensely. It genuinely transforms the use of technology in the market.
“Listening to and responding to the needs of specialist equity release advisers has been a key focus for 2015 as underlined by our service awards and our drive to put customers and advisers at the heart of what we do. We believe the launch of this portal delivers an unprecedented ‘Six Star’ service to equity release brokers.”
The new portal is adapted for use on mobiles and tablets, while email and text updates are available for the progress of each case.