Nationwide has launched a new project developed in collaboration with technology solutions provider Twenty7Tec based around application processing interface (API) technology.
The building society is stating that the primary aim of this link-up is to make it quicker and easier for mortgage advisors to get a decision on a mortgage loan for their clients. The solution that has been devised should allow them to get remortgaging decisions straight away, with no need for the information relating to the original loan to be entered into the Nationwide portal for a second time.
This new solution is not being made available on a widespread basis within the industry right away, with advisors who work for Connells Group set to be the first to have use of it. If this goes well, the Mortgage Advice Bureau will be next to get access to it, followed by a national rollout.
Nationwide’s director of intermediary relationships, Ian Andrew, stated that the company was thrilled that the work with Twenty7Tec had produced successful results and that it was able to launch this new decision in principle (DIP) API.
James Tucker from Twenty7Tec said that the solution would make a real difference to the intermediary mortgage sector, and that his company was dedicated to making it easier for people to find, apply for and get the mortgages they need.
Given that this is also what mortgage advisors undergo CeMAP training to do, innovative solutions like this that help with the process are always to be welcomed.