The move, which will see a standardised approach from lenders’ technology across the sales process for both new and existing residential mortgages and buy-to-let products, is aimed at streamlining applications from intermediaries.
Origo has already instigated common standards across Key Facts Illustrations and applications-in-principle and the completion of these additional areas will help create straight-through processing between brokers and lenders under the scheme.
Paul Pettitt, managing director of Origo, commented: “With such appetite for e-services in the mortgage sector it is vital that we achieve the interoperability of systems through XML data standards. These latest standards will be of great benefit to brokers and also a substantial resource for the industry, saving an enormous amount of time and effort for any organisation wishing to offer online full mortgage applications, tracking and product data services.”
As well as reducing the amount of rekeying, common standards will also enable lenders to improve their communication with brokers, offering quicker updates for such things as product information.
Jonathan Cornell, managing director of Hamptons International Mortgages, commented: “This is a positive step forward for the mortgage industry that will benefit brokers by reducing the amount of data to be re-keyed, saving time and improving communications with lenders.”
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