Mortgages  

Broker automates BTL application process

Broker automates BTL application process

Broker Mortgages for Business has automated the buy-to-let mortgage application process with two of the lenders it works with.

The buy-to-let broker now uses robotic technology in its submission process with Kent Reliance and Paragon, in a move to free mortgage advisers from a "lengthy, manual task".

As part of the process, Mortgages for Business’ robot generates an agreement in principle to then proceed with a full mortgage application - extrapolating and depositing data directly from the broker’s database into a lender’s submission system.

Mark Ryan, IT director at Mortgages for Business said recent advancements in robotics have helped the broker overcome challenges previously faced when trying to automate application submissions, particularly with lenders’ legacy systems.

He said: "For a long time now we have been waiting for lenders to supply us with an API to ease this process, but to no avail - eager for a solution we decided it was time to take things into our own hands."

Mr Ryan said the broker has invested heavily and worked collaboratively with intelligent automation firm Extra Technology since last December.

He said: "Five staff members are now certified Advanced Automation Anywhere professionals but all of our buy-to-let advisers are successfully using the technology to submit applications to both Kent Reliance and Paragon."

Adrian Moloney, sales director at OneSavings Bank which owns Kent Reliance, said automation improved the accuracy of information being input by reducing the opportunity for human error and allowing applications to be processed much faster.

John Heron, managing director of mortgages at Paragon, said the lender was keen to exploit opportunities to improve the customer journey for its intermediaries and their customers.

He said: "When the opportunity to work with Mortgages for Business on robotic processing arose, we joined with enthusiasm- roll-out was quick and straightforward, with the implementation highlighting the huge potential for enhanced technology to improve customer experience in our industry."

Mortgages for Business is currently working to introduce the automated process with Precise Mortgages. 

rachel.addison@ft.com