Three companies have announced that they are joining forces on the development of standardised mortgage language that will apply to their various platforms.
Twenty7Tec, Iress and Mortgage Brain are creating uniform terminology for various aspects of the mortgage applications process that will be used and will mean the same on their respective platforms: Twenty7Tec Apply, Iress Lender Connect and Submissions Brain. The idea behind this is to encourage more mortgage advisors to accept tech platforms such as these by ensuring the language is streamlined and simplified across them all.
The three companies are also indicating that they expect the standardisation process to make these sites quicker and easier for advisors to use when submitting applications.
A number of prominent mortgage lenders have already given their backing to the idea, including TSB, Leeds Building Society and Accord Mortgages. These lenders have stated that they will also seek to get their tech partners to embrace standardised language when dealing with advisors.
Davie Miller from Iress told Mortgage Solutions that the range of terminology being used up until now had been enormous, before going on to add that:
“Clearly this is hugely confusing for brokers and can block the wholesale adoption of processes that can significantly improve the speed and efficiency of mortgage applications and decisions.”
He concluded by saying that the only solution was an agreement between companies.
Although CeMAP training provides advisors with knowledge of industry terminology, this move should still smooth the process of applying for loans for clients through these platforms.