A new online portal for completing applications for mortgage loans has been launched by the Loughborough Building Society, which it is hoping will make the process less time consuming for advisors.
Mortgage advisors will be able to use this portal at a number of stages in the process, such as when filling out European standard information sheets (ESIS), producing decisions in principle and finishing an application. The portal is available via the intermediary webpage for Loughborough Building Society, which means that all of these tasks can be undertaken there.
Furthermore, the building society is stating that the client data that advisors input at every step during the process will automatically transfer across to the following step, which will mean that they do not have to constantly enter the same information at each point.
This is one of the main ways this portal should save time during applications, with the building society also claiming that completing decisions in principle and ESIS can be done within minutes using it.
The portal will tell advisors of any files that they need to add, and they can then attach them online to the application. It can be used for virtually all forms of mortgage application.
According to Mortgage Strategy, Ashley Pearson, the Business Development Manager for Loughborough Building Society, said that the building society was pleased to be able to make it available to those advisors who are authorised intermediary panel members after its pilot proved to be a hit.
Any technology that saves advisors time, such as being able to complete their CeMAP courses online, is something to be celebrated.