The in-house platform features an automated DIP
Later life lender LiveMore has built a new mortgage origination platform in-house, incorporating a decision in principle (DIP) capability.
The enhanced DIP, the lender said, aims to help brokers deliver a tailored service to their clients by giving immediate decisions in principle across LiveMore’s entire product range, providing certainty over a shorter time frame.
Established in 2020, the mortgage lender for the 50 to 90-plus age group initially had its technology outsourced to a third-party provider. Over the past nine months, LiveMore’s technology team has created a much more flexible architecture with easy-to-use affordability calculations and an automated DIP along with ESIS forms.
With the tech upgrades, full mortgage applications can now be submitted and there is no need to rekey information as it is stored automatically. The automated DIP returns an immediate response on declared information and conducts a soft credit search at the same time. The system can also show the maximum borrowing amount on different products, considering all income and circumstances such as unusual property construction, debt consolidation, and adverse credit.
LiveMore, which has rebranded earlier this year, has also announced plans to launch new features such as a counter-offer and affordability sandbox. Its growth in the later life lending area was evidenced by the recent expansion of its product offering to include equity release mortgages.
“Having built up LiveMore into a successful, highly capable, and competitive lender shaking up the 50 to 90-plus mortgage space, it made perfect sense for us to bring our technology in-house,” commented Leon Diamond (pictured), chief executive and founder of LiveMore. “The timing was right, and our expert technology team has been busy creating this state-of-the art DIP and origination portal.
“Going forward, we have a roadmap of improvements so the next stage will be working on new functionality to enrich the broker journey even more.”
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