Y3S has upgraded its sourcing system for mortgage brokers.
The Cardiff-based firm claims that it can call up the entire second charge market, including buy-to-let and fixed rate loans, displaying only the relevant products and real-time remortgage comparisons and associated cost savings in just a few seconds.
Users can then accurately decide whether a full remortgage or a second charge top-up to their existing mortgage is the better outcome for their client. Users can save and retrieve their applications at any time and connect directly to their account manager at Y3S.
Matt Cottle (pictured), joint CEO of Y3S, said miLoanbroker.com V8 is the most powerful version that the firm has developed to date.
He said: “Mortgage brokers want accurate information at their fingertips instantly; miLoanbroker.com has been delivering instant loan quotes to mortgage brokers for 4 years and in that time over £40 million of loan completions originating purely from the web service have paid our users £1.5 million in additional income. The new V8 system was developed to cope with a plethora of new products and increased demand for Y3S’s services from brokers, and I can tell you that it will only grow as we head toward and beyond implementation of the MCD.
“Just a couple of years ago, many of our competitors were denouncing sourcing systems as unnecessary and a scourge to the industry. It’s very encouraging that key players are now getting their own systems out to market, as the realisation that investment in technology is not only essential to consistent growth, but also to speed of delivery and solid financial reporting in the face of regulation.
“I am glad that as a board, we took the expensive decision to start a long-term plan of technological innovation in late 2010 when the future of the second charge market was still very much in question. It was a risk, but it was calculated, and we now have many years of systems development, which has been beneficial to our brokers and set us apart from the competition. miLoan V8 is the result of everything we have learned.”
