New system promises faster applications for brokers
Paragon Bank has introduced a new buy-to-let mortgage origination platform, designed to offer a more efficient, transparent, and streamlined application process for intermediaries.
Developed in-house over two years, the platform incorporates feedback from brokers to create a system tailored to Paragon’s specific needs. The bank said the platform delivers greater certainty by enabling faster decisions in principle and customised application requirements. It also offers transparency by keeping brokers informed throughout the process and improves speed by pre-populating application fields with trusted data sources, reducing application-to-offer times.
The system integrates data from Companies House, Experian, and Hometrack, allowing application details to be pre-filled automatically. Artificial intelligence supports underwriters by extracting, analysing, and validating data, allowing them to focus on higher-value tasks.
Intermediaries can also upload and store their clients’ property schedules within the platform. This feature reduces the need for repeated documentation submissions for future applications. By automating manual tasks, the platform provides Paragon’s underwriting team with additional capacity to handle more complex activities.
“The launch of our new mortgage originations platform is fantastic news for us and our broker partners because it will transform how we work together,” said Louisa Sedgwick (pictured), managing director of mortgages at Paragon Bank. “Delivering a faster, smarter and more flexible experience, we’re really excited to share it with the market after spending two years developing it with lots of input from intermediaries.”
The platform is being rolled out gradually over the first quarter of the year, beginning with a limited group of mortgage networks and clubs. Paragon, which reported a 4.4% increase in its BTL mortgage loan book, plans to introduce further enhancements before launching it to the wider market by the end of March.
The initiative forms part of Paragon’s broader digital transformation strategy. The bank has already launched platforms for its development finance and savings operations and a broker portal for its SME lending division. Future projects include additional updates to the mortgage platform and a new back-office system for SME lending.
“We decided to develop this system in-house and bespoke to our needs because the ‘off the shelf’ options didn’t meet our requirements or expectations of what we want from a system, or more importantly, what our broker partners want,” said Jonathan Workman, mortgages transformation director at Paragon Bank.
“We’ve worked closely with brokers throughout the project to address any pain points and get a real understanding of what the best mortgage application process looks like, whatever the size of the property portfolio. This insight has informed every stage of the programme and will help to ensure intermediaries have the best possible experience when placing business with us.”
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