System shaped by brokers for brokers

12 July 2010

There’s no doubting that technology - and the internet in particular - has revolutionised the way we conduct mortgage business, especially the way lenders work with brokers. The types of online system are many and varied, and some have been with us for a considerable time.

But the market has changed and the needs of the broker community have changed with it, which means systems that were top of the class a few years ago are no longer so. Brokers are demanding new platforms with improved functions, greater transparency and increased usability. In other words, the intermediary community wants greater control, input and insight during the application process - which is where we come in.

We have listened to the needs of our brokers and, through a series of forums with intermediaries across the country, have shaped a system and developed an online application platform that aims to transform the mortgage sales process.

Following feedback from brokers on prototype systems we are now rolling out this online system to our intermediary client base. And our clients can be confident that the system has been shaped by brokers for brokers.We asked them what they wanted to see in the system, how this would improve their working arrangements and even requested them to deliver a wish-list for a modern system.

We have arrived at one that takes into account the end-user - be that a broker or an administrator - and is as simple as possible to use. For one thing, it cuts out the need for telephone calls for clarification to our office. The system asks the appropriate questions, delivers the right answers and puts brokers in control.

The benefits of the platform are many and varied. First, it provides greater transparency and certainty regarding the lending decision. It gives an immediate decision in principle, either accepting, declining or providing an alternative lending proposal.

If the case is declined the system tells the broker why, if it’s on the basis of our lending policy. At the same time it informs them of the maximum loan available and what will be needed to get the case to completion.

All steps from DIP to full completion are signposted and updated in real time so brokers are always aware what stage their case is at and what they need to provide to move it on. This opportunity to stay updated was a top priority for many brokers we talked to. That’s why we were committed to introducing real-time communication via automatic emails at key stages of the process from decisions to the status of valuations, the issuing of offers and completion information. We also wanted to ensure that all documentation such as Key Facts Illustrations and DIPs were immediately passed to brokers and stored simultaneously in an online file for ease of access. Brokers will also be provided with 28-day reminders with regard to the expiry dates of DIPs, products or offers.

Functionality and ease of use are critical issues with any online application system. To this end we have improved the navigation of our site to ensure brokers can easily work their way through the system. The fact that the platform is available fully online is an improvement, as is the fact that it automatically saves all the information input on each page, thus drawing attention to data which is either missing or needs corrective action.

The intermediary market wants greater control, input and insight during the application process

In terms of data population the system will populate the application if data is available. It will also provide the functionality to pre-populate customer data from the broker’s point-of-sale software. This saves inputting time, and our platform will also highlight outstanding information that has not been moved across. We have also reviewed the information we require to be submitted and removed those fields we now feel to be irrelevant. For example, our previous system asked for the address of the existing lender - this one doesn’t.

The need for brokers to have control over inputted information and the opportunity to make changes both preand post-offer has also influenced the design of our new platform. We are providing multi-user access for brokers and their administrators.

All data amendments about the property, loan amount, term, income details, applicants or expired products, can be made online without the need to call a service centre. Again, this feature offers time and cost savings for brokers who can update cases immediately and not have to wait in a phone queue every time an amendment is required.

In short, our new platform provides a smarter way of conducting business with Halifax Intermediaries.

The system has been designed to deliver a faster and easier end-to-end process, providing brokers with increased clarity about lending decisions, more control over information and real-time communications on the status of their cases. The time and cost saving benefits this brings should allow intermediaries to spend more time with their clients selling, while remaining updated on the status of their cases.

So this is a new beginning for brokers using Halifax Intermediaries and the system will revolutionise the way business is conducted. Technical training and online demonstrations will be delivered by brokers’ BDMs to ensure they have access to this powerful new business system.

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