HSBC is developing a platform for mortgage brokers as part of a partnership with Capita.
The new software completely replaces the current system and HSBC said the platform will provide “greater automation”.
This, the bank has said, will make it easier for brokers to transact, upload documents and track details of mortgage applications and decisions.
The new platform will be operational later in the year.
HSBC has also announced that Personal Touch Financial Services has become its latest intermediary partner.
Tracie Pearce, HSBC’s head of mortgages in the UK, said: “HSBC’s intermediary growth strategy remains to bring on board intermediary partners in a continuous, yet controlled manner in order to preserve intermediary and customer service.
“Over half of the intermediary mortgage market now has access to our range of mortgage products, which now includes Personal Touch Financial Services.
“We know the mortgages we offer are among the very best available and our new system is another important piece of the jigsaw.
“This will be a game-changer in how brokers work with us.”
She said the new platform will make the mortgage process as smooth as possible for brokers and their clients.
It will provide brokers and underwriters with a single view of all pipeline cases and users will be able to drill down into each individual case from the single screen.
There will be the ability for documentation, such as proof of identity and income, to be uploaded directly to the case.
It will also allow a borrower’s eligibility to be qualified and an immediate decision in principle to be obtained without impacting their credit score.
Jon Peart, managing director of Capita Mortgage Software Solutions, said: “Capita’s Omiga platform offers HSBC the flexibility and functionality the bank needs to deliver a first-class service to its customers.
“When developing Omiga we listen to customer feedback enabling us to tailor the end-to-end solution to make it as easy to use and effective as possible.
“The programme is on target to deliver in record time for an implementation of this nature.”
Mike Richards, director of London-based Mortgage Concepts Associates, said that in many respects HSBC is simply catching up with other lenders.
He said: "I can get a decision in principle from Santander in 15 minutes. Up until quite recently no broker could use HSBC but I understand they are opening themselves up to certain groups.
"They have always had a good proposition but other lenders have caught up on price and they are now competing in the whole of the market."
damian.fantato@ft.com
