Callcredit partners with Smartr365 to provide secure solution to speed up mortgage applications

Smartr365Callcredit Information Group, one of the UK’s leading credit reference agencies and consumer data management specialists, has announced a partnership with a new to market fintech platform, Smartr365, to speed up mortgage applications and provide real-time affordability assessments.

The partnership will include providing Smartr365 users with access to MOGObankconnect, an app that enables consumers to securely share online banking transaction data using their personal device, to confirm income and expenditure assessment in real time. The customer is in complete control and their log in credentials are not stored or shared with any third parties.

Launched in April 2015, Callcredit’s MOGObankconnect enables brokers to carry out on-the-spot, secure, real-time affordability assessments, reducing this part of the mortgage application process from days to just minutes. This will be embedded within the Smartr365 platform, providing a highly efficient process for them, and for any broker using it.

The key benefits are;

1. Saves time for their customers and improves the customer journey

2. Eliminates the delays caused by sourcing documentation

3. Reduces the risk of tampering by removing the reliance on paper documentation

MOGObankconnect extracts data straight from source (a customer’s online banking session) serving it directly back to a broker, fully categorised, so they can be assured it is the most accurate source of detailed financial transactions for their customer. Uniquely available via this solution, branded bank statements are also retrieved, which are acceptable to lenders at the packaging stage. The partnership also provides brokers using the Smartr365 platform with a customer’s credit report, which further helps them to assess suitability for a mortgage.

Conor Murphy, Director, Smartr365 & Capricorn Financial said: “We’re delighted to be partnering with Callcredit to be able to offer our advisers new software that will benefit them and their customers.  We scanned the market for technology solutions and chose MOGObankconnect over other products due to its security platform, and the direct secure connection it makes to the bank that does not require the customer to divulge their online banking log in credentials. Customer security is the cornerstone of the Smartr365 solution.

“We were specifically looking for a bank statement retrieval solution and credit reports, to build in to our proposition, but we have found a unique solution that provides so much more. Callcredit is able to offer comprehensive affordability insight enabling us to build a more complete and timely picture of an applicant.

“From there our advisers can check the value of their client’s home to make sure the deal fits from that perspective too, and then submit the application to the lender and to the relevant solicitor, all at the touch of a button. The adviser, client and any introducer involved, can track the progress of the application right through to completion. This massively shortens the time taken to process a mortgage, whilst also removing most of the pitfalls from the process and increasing the likelihood of completion. We have used the Smartr365 platform for many years within Capricorn and the addition of the Callcredit functionality to this is a major game-changer for us.”

Neil Robinson, Business Development Manager, Callcredit Information Group said: “There is a growing demand to speed up the application and decisioning process, whilst maintaining compliance with responsible lending rules and guidance. This is why we launched MOGObankconnect back in April 2015, to provide consumers with the facility to simply, securely and quickly package up their banking transactional data to confirm their income and expenditure commitments online, rather than from printed bank statements.

“Unlike other companies operating in this market, this is the only solution which serves as a direct connection from the consumers’ device to their bank, and does not involve the disclosure or storing of their bank log in credentials.

“We’re delighted to be partnering with Smartr365, and proud to see our solutions embedded within its platform as they take it to market. This will help brokers reduce application times, meet regulatory obligations under ever more rigorous affordability assessment guidelines, whilst making the mortgage application process quicker and easier for the consumer.”

Early MOGObankconnect trials suggest a saving of up to three hours on application times, and with the extensive features offered by the Smartr365 platform there will be even greater time savings. Spread across a large customer base this can generate significant gains.