TSB’s new broker platform is set to halve keying-in times for brokers and cut the mortgage application-to-offer time by two days.
Set to be rolled out to the whole of the intermediary market by the end of January 2018, the Mortgage Pro system forms part of a radical upgrade of the lender’s banking platform, which has relied on old Halifax technology since 2013.
At a showcase event in London this morning (30 November), Roland McCormack, mortgage intermediary director at TSB, said it would cut the time it takes to reach a decision in principle (DIP) from approximately 30 minutes to 15 minutes.
The digital system for TSB, which scooped five stars in this year's Financial Adviser Service Awards, streamlines the application process and anticipates the questions a broker needs to ask based on the information that has already been inputted.
TSB has significantly cut the number of screens needed to progress through an application, and the technology is able to display only the interest rates relevant for the customer rather than a raft of different products.
Only essential information is requested up front to enable the decision-in-principle to be made as soon as possible, with other data requested at a later point in the process.
Mortgage Pro allows documents to be uploaded instantaneously, alerts brokers to any updates on cases, and uses digital signatures so brokers can submit cases at the click of a button.
As a result, according to McMcCormack, the system reduces the typical application-to-offer time from TSB's current average of 14 days to 12 days.
Mortgage Pro can be used on desktop computers, mobile phones and tablets, enabling brokers to work while they are on the move.
It also allows customers to switch between channels, so if they begin online they are able to transfer to a branch and the information will be available immediately at the next stage of the process.
Mortgage Pro is currently being trialled by mortgage broker London & Country.
Mr McCormack said: "The feedback we have had coming in is 'when you entered the market, you shook it up; and it looks like you are going to shake it up again."
Mike Richards, director at London-based Mortgage Concepts Associates, said: "That kind of technology is the way forward for most lenders. It will help the general broker market a lot, for speed especially.
"It does make a difference when you go on to some lenders’ sites and it can take half a day to key in the information. Anything that makes the process quicker is a godsend.
"But not all intermediaries can access TSB at the moment. They need to open up their offering to the whole broker market, not just certain networks."