Specialist Mortgage Group (SMG) has added a new feature to Lenderlink, its specialist loan sourcing and API tool.
‘Referrals’ allows broker users to pick up a client application at any point, and refer it to an SMG adviser for full processing. Users will be able to access any product or lender on SMG’s specialist first and second charge panels.
The same SMG adviser is assigned to any brokerage that refers applications.
The software was designed in-house by SMG’s development team and was first used across its own second charge brokerages before being made available free of charge to a test bed of second charge brokers in January. Now, 230 users from 14 brokerages across the UK now have access to Lenderlink to carry out quick quotes, remortgage comparisons, product suitability reports and API transfers.
The system is currently integrated with Shawbrook Bank, Optimum Credit, Paragon Personal Finance, Together Money, United Trust Bank, Prestige Finance, Precise Mortgages and 1st Stop Group. West One Loans and Masthaven Bank are currently in development.
Matt Cottle, CEO at SMG, said: “We set out to develop a simple system that eases the pain points of second charges’, said who heads up the Lenderlink software project.
“Creating accurate quotes and rekeying data across multiple lender portals all takes a huge amount of time and causes headache for brokers and delays for clients. It’s an age-old problem that has never really been solved properly. Lenderlink is a long-term project designed to remove the issues and help brokers get on the technology ladder for free.
“We’re developing really useful additional features all the time – one thing leads to another. Right now, we’re testing a secure document portal which will solve the GDPR nightmare of sending and receiving emails with attachments containing highly sensitive documents such as bank statements and passports. Every broker does it; Lenderlink will eliminate the worry and it’ll be free. We’re also developing a free CRM which will bring together all the functions of Lenderlink later this year.”