Hinckley & Rugby Launch Digital Mortgage Platform
Hinckley & Rugby Building Society have launched a new online digital mortgage platform designed to speed up mortgage applications.
The lender worked with Danish fintech company Festina Finance to develop the system which is capable of producing an electronic decision in principle (DIP) and a fact find summary for residential properties.
As well as the DIP, a suitability letter and European standardised information sheet will be produced to aid the building society in the interview process.
Hinckley & Rugby’s chief customer officer Dean Waddingham, said: “The first step alone is a game changing innovation which will quicken each application’s journey from enquiry to completion.
“It supports our staff adviser and the customer, from streamlining a smarter interview and fact find to improving the efficiency of the subsequent processing to deliver a quicker outcome.
“It’s the result of our commitment to focusing on what our customers need plus a can-do collaboration with Festina Finance. Together we have pioneered a new blend of automation and intelligent combination of the customer’s circumstances with the Society’s products.
“This is creating significant efficiencies to benefit the customer and the Society, greatly reducing time spent manually generating documents. The structure to the interview enables us to better predict timescales, a key ingredient in the customer’s satisfaction with their experience.”
A further expansion of the system is planned over the next few months, with an online calculator to enable borrowers to work out affordability.
House buyers will be able to compare products and terms and access a personalised self-service online platform.
Festina Finance’s CEO and head of sales and marketing Mikael Braagaard said: “As a fintech committed to creating innovative solutions within the field of digital financial advice, we are delighted to have been challenged by Hinckley & Rugby.
“Our solution enables societies to provide better advice and consumers to receive information in an easily understood form, this Dean and his colleagues understood from the very beginning.”
Is the digital mortgage platform set to sweep through the industry? Do you think it will speed up the mortgage process?