Blackandwhite.co.uk has launched an online sub-prime sourcing and submission system with an integrated credit search and data transfer across six lenders on its panel to reduce cascading.
The Mortgage Portal is based on open standards and Thomas Reeh, chief executive of Blackandwhite.co.uk, says that the technology will be underpinned by the companys packaging team as well as four onsite sub-prime underwriters in its Staffordshire-based offices.
Lenders on the panel include Money Partners, Mortgages PLC, High Street Home Loans, Platform, Chelsea and Swift. Discussions are also under way with two more.
Reeh adds: Having a hand picked panel of lenders is an attractive part of The Mortgage Portal system. Our research with brokers and IFAs clearly highlighted a desperate need to simplify the mortgage sourcing and application process including key facts illustration production, reducing the amount of time submitting and following up a deal to completion.
Adam Henry, sales and marketing director at Money Partners, says: Service is one of the key differentiators in a market where products are becoming increasingly indistinguishable. Where many packagers simply talk about service excellence, we know first hand that blackandwhite.co.uk delivers. Were immensely proud to have been chosen as a key lender partner at a time when the market is offering such huge opportunity.
And Pete Thompson, sales director at MPLC, adds: We are delighted to be supporting them in their new developments in the intermediary sector via TMP and think that the new technology they are bringing to the market will genuinely add value.”