Mansfield Building Society has launched with Open Banking platform DirectID to make it easier for mortgage applicants to provide their bank statements online.
The new service allows borrowers to give consent for their bank to share their statements online with the Mansfield. Borrowers simply need to login to their online banking via DirectID in order to give access to the Society for a limited period.
The service update is expected to improve the speed of validating income and expenditure and help prevent brokers from having to chase down approved PDFs or paper-based submissions from their clients.
This latest move also coincides with further updates to the Mansfield’s mortgage processing with the use of robotics to enable the swift transfer of data between systems rather than requiring processers to re-key information.
Richard Crisp, commercial development executive at the Mansfield, said that the improved offer demonstrated the Society’s determination to improve the broker and borrower experience as well as its commitment to its core lending proposition.
He added: “Brokers and borrowers regularly tell us that they value our individual lending approach in providing flexible solutions to slightly unusual or niche circumstances. At the same, they need an increasingly swift and efficient service and, as a result, we’re delighted to be launching this service with DirectID.
“This new service is a safe and convenient way for borrowers to provide their bank statements online via DirectID’s open banking platform. This improvement can help brokers reduce the amount of chasing around they do for their clients and help us deliver a faster speed to offer.
“Combined with our robotics developments, not only can we continue to commit to our flexible underwriting approach, we can do it with the modern service that brokers and borrowers need.”