Yolt Technology Services (YTS) has expanded its open banking services to mortgage lenders.
Account Information Services securely transmits an individual’s transactional data, with their permission, to a regulated lender.
It enables mortgage lenders to expedite decisions on creditworthiness and affordability, taking into account all spending and transaction activity.
Lenders will also be able to verify a homebuyer’s income and speed up confirmation of their identity by providing API access to accounts, removing the need for paper bank statements.
According to YTS, the service will allow mortgage lenders to make “better” credit decisions.
Leon Muis, chief business officer at Yolt Technology Services, said: “We have been supporting some of Europe’s largest financial institutions and fastest-growing technology businesses with AIS and other open banking services (data enrichment and payment initiation services) from day one.
“Today we hope to build on these benefits, in collaboration with mortgage lenders, to ensure the process of buying a home is as smooth, swift and secure as possible – for both the buyer and the lender.”
Mr Muis added: “Our services will enable regulated lenders to make faster decisions on mortgage applications, whilst also providing them with the security of a deeper, more up to date data set which can be used for both identification and affordability purposes.
“Our ambition is to improve the homebuying process for consumers and lender alike.”
Greg Cunnington, director of lender relationships and new homes at Alexander Hall, said: “Lenders being able to implement and access open banking technology should mean we see less bank statement requirements, and faster processing timeframes as more underwriting can be done at an initial stage using the open banking data.
“This will lead to quicker mortgage offers, which can only be a benefit to the client journey and is an example of where technology can be used to enhance the mortgage process and remove some of the heavy lifting.”
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