The new eligibility service, delivered in partnership with Experian's HD Decisions has been in pilot with a small number of firms and is now available to all XPLAN Mortgage users. It provides the ability for a mortgage adviser to assess whether their clients are eligible for a mortgage on an aggregated lender basis, rather than having to run individual affordability and eligibility checks on each lender's Broker Portal; potentially saving hours of time per client.
The service runs a credit bureau check on the client(s) without leaving a hard footprint on the client’s credit record. The data returned is then used in combination with the client’s income and expenditure information to assess the client(s) against each supporting lender’s affordability and eligibility criteria, including credit scoring.
Andrew Simon, executive general manager, product at IRESS, said: “Bringing the underwriting experience further forward in the advice journey and simplifying the process is in keeping with the recent FCA Mortgage Market Review. Our new eligibility service provides greater certainty and transparency to the adviser's client. Providing better, more impactful customer outcomes is a vital part of our product strategy.
“We are focused on innovating around the points of inefficiency and frustration in the end to end mortgage journey. With this new service we are helping advisers and their clients get through the mortgage application process quickly and with more certainty of outcome.”
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