All second charge mortgage packagers are now able to register for a free Lenderlink account from Specialist Mortgage Group (SMG).
It will provide them with instant access to new API technology that allows them to fully integrate with nine second charge lenders using a standardised API portal.
The lenders are: Optimum Credit, Together Money, Prestige Finance, Paragon Bank, Shawbrook Bank, Precise Mortgages, United Trust Bank, West One Loans, and 1st Stop Loans.
SMG claims that it is the only system of its type that “seamlessly integrates” with so many second charge lenders.
Lenderlink lets brokers and their staff transfer full applications quickly and accurately into their lenders’ portals without the need for multiple rekeying.
New registrants will be able to add as many users as they want with no capital outlay.
SMG says the system has been beta tested on 12 brokers for seven months, with thousands of successful APIs already carried out.
Matt Cottle CEO of SMG, said: “Despite there now being wide availability of API technology in our sector, only the few have the ability and capital to build successful integrations.
“There are 80 or so packaging brokers in the second charge space; building 80 versions of the same technology for each lender would be completely insane. It made sense for someone to build a standardised version for everyone to use, so we thought, you know why not? Let’s do it. It’s 2018 for goodness sake – we can make it work for our brokerages, why not everyone else too? It just makes sense.
“We thought let’s give it away for free and get everyone using it, we can work out how to monetise it later.”
A CRM module is due to launch later this year which will free of charge for at least one year for all new registrants.
“It is a long while since I have seen a system that grabbed my attention like this one. There is literally nothing like it out there and it is head and shoulders above others I have seen. Lenderlink is just what the industry needs,” added Andy Pelley, director at The Loan Partnership, who has been using the system since January.