BestAdvice fires the questions at Melanie Spencer, business partnership & growth director, One Mortgage System (OMS)
BestAdvice (BA): You’ve recently joined OMS as business partnership & growth director; why did you decide to join the business and what does your new role entail?
Melanie Spencer (MS): I’m thrilled to have joined OMS as the business partnership & growth director, and it’s a decision rooted in both personal and professional motivations. OMS stands out as a company that is at the forefront of leveraging technology to transform the UK mortgage market. I was drawn to OMS because of their commitment to innovation and their vision for the future of this industry.
In my new role, I have the exciting opportunity to foster strategic partnerships and drive growth for OMS. This means working closely with our existing partners and forging new collaborations that will enhance the services and solutions we offer to our clients. It also includes exploring avenues for expansion and staying at the forefront of technological advancements in the mortgage sector.
The UK mortgage market is undergoing a significant evolution, with technology playing a pivotal role in shaping its future. OMS is at the cutting edge of these developments, and I am enthusiastic about contributing to our mission of making the mortgage process more efficient, accessible, and customer centric.
Joining OMS aligns perfectly with my passion for technology-driven innovation and my commitment to improving the mortgage experience for lenders, brokers, and borrowers. We are at a very exciting stage in our growth, and I look forward to working with our team and partners to drive innovation and help create a positive change in the UK mortgage market.
BA: Where does OMS fit within the wider mortgage fintech space and as you provide both broker and lender versions of the system, what challenges currently exist in each channel and how does OMS seek to solve them?
MS: OMS plays a pivotal role within the dynamic landscape of mortgage fintech in the UK. What sets us apart is our comprehensive approach – we provide both broker and lender versions of our innovative system, addressing the unique challenges that exist in each channel.
In the broker channel, one of the key challenges is the increasing complexity of the mortgage process. With regulatory changes, diverse customer needs, and evolving lender criteria, brokers often face the daunting task of navigating a complex web of information, third-party systems, and requirements. OMS seeks to simplify this process by offering a user-friendly, all-in-one platform that streamlines workflows, automates tasks, and provides access to a wide range of lenders and products. Our system empowers brokers to efficiently match clients with the most suitable mortgage options, saving them time and enhancing the overall customer experience.
For lenders, the challenges out there are being able to make changes to their processes such as product/criteria updates and reduce the time to launch in the market and having more control over future improvements to their customer/broker experience as well as the underwriting journey. Many systems out there today are sitting on legacy systems and unable to adapt or cope with the rapid changes in the market.
Data and partner integrations are at the forefront of businesses today to support the lenders objectives of being able to move through the underwriting journey and reduce the time to offer and completion. OMS addresses this by offering a lender platform which provides automation and flexibility within the underwriting process and allows lenders to access configurable self-serve modules.
Additionally, data security and compliance are paramount in the mortgage industry. OMS invests heavily in cybersecurity measures and ensures that our system complies with all relevant regulations, providing peace of mind to both brokers and lenders. Our commitment to innovation and customer-centric solutions positions us at the forefront of the mortgage fintech space, driving positive change in the industry.
BA: OMS recently announced that lending on the system was up 16% year on year with circa £6.5bn of loans being processed through the system so far in 2023, so how does technology like OMS help brokers with their ‘high street’ cases, as well as their more complex customers?
MS: The recent announcement of a 16% year-on-year increase in lending through OMS, totalling approximately £6.5 billion in loans processed in 2023 so far, highlights the transformative impact of technology on brokers’ ability to handle a wide spectrum of mortgage cases, including ‘high street’ and more complex scenarios.
OMS have several lenders and partners with direct integrations to save time rekeying, obtaining the data and moving the case through the stages.
For ‘high street’ cases, technology like OMS provides brokers with a streamlined and efficient platform to manage the mortgage application process. With our system, brokers can easily access a comprehensive database of lenders and products, allowing them to quickly find the most suitable options for their clients. Automated workflows and document management further expedite the application process, reducing administrative burdens and enabling brokers to focus on delivering exceptional customer service. Additionally, real-time updates and communication tools within OMS facilitate seamless collaboration between brokers and their clients, enhancing the overall experience.
When it comes to more complex customers, OMS proves invaluable by offering a robust platform equipped to handle intricate financial situations. Our technology provides brokers with sophisticated tools to assess and navigate complex income sources, credit histories, and property types. It assists in conducting in-depth affordability assessments and ensures compliance with the latest regulatory requirements, all while maintaining a user-friendly interface. This capability empowers brokers to confidently guide clients through the complexities of their unique financial circumstances and secure the best possible mortgage solution.
OMS’s technology is a game-changer for brokers in the UK mortgage market. It simplifies the process for ‘high street’ cases and provides comprehensive support for complex scenarios, making brokers more efficient and effective in serving their diverse clientele. The 16% year-on-year growth in lending processed through OMS underscores the tangible benefits that technology brings to the industry.
BA: Previously mortgage tech has had little or no connectivity with rival platforms, but at OMS you don’t seem to subscribe to this ethos. Why and how does that benefit your users?
MS: TOMS has been built to be able to provide connectivity to any platforms that are API ready, and we believe that by making the brokers, lenders and the borrower’s journey simplified will bring good customer outcomes to all. Lenders today will be looking for the best partners to be part of their ecosystem and this will require OMS to integrate into lenders chosen platforms.
Within our broker CRM system, OMS have shown a pivotal role in rapid changing technology, and we would not want brokers to lose out on our platform if they are wedded to other systems.
BA: If you had a crystal ball, where do you think we will be regarding the uses of tech both by advisers and lenders in 12 months’ time and what things do you think need to happen for this to become a reality?
MS: While predicting the future with absolute certainty is a challenge, we can certainly anticipate some exciting trends and possibilities in the use of technology by advisers and lenders in the UK mortgage market over the next 12 months.
Enhanced Automation: We expect to see even greater automation across the mortgage process. This means that routine tasks, such as data collection, document verification, and application processing, will become more streamlined and less time-consuming. Automation will free up advisers to focus on providing personalised guidance and advice to clients.
AI and Machine Learning: Artificial intelligence and machine learning will continue to play a significant role. These technologies will enable lenders and advisers to analyse vast datasets more effectively, improving risk assessment and customer targeting. AI-driven chatbots and virtual assistants will enhance customer interactions and support.
Improved Data Integration: A crucial development will be better integration of data between lenders, advisers, and other stakeholders. This will reduce duplication of effort, ensure data accuracy, and expedite application processing. Blockchain technology may also start playing a role in securely sharing and verifying mortgage-related information. Also, we’re heavily involved with the Open Property Data Association (OPDA) who will play a large part in some of this.
Mobile Accessibility: The mortgage industry will become more mobile-centric, with clients and advisers relying on mobile apps for various aspects of the process. This will include document submission, communication, and even virtual property tours.
Personalisation: Technology will enable more personalized mortgage solutions. Advisers and lenders will have access to advanced algorithms that can tailor mortgage products to individual financial profiles, leading to better customer experiences.
Regulatory Compliance: Meeting regulatory requirements will remain a priority. Technology will continue to evolve to support compliance, ensuring that advisers and lenders stay on the right side of ever-changing regulations.