i-Map system from I-nvent Software Limited

The number of suppliers of mortgage packaging and transaction systems continues to grow making this one of the few expanding areas in the mortgage market. Packagers and brokers looking for new IT systems to help them control and transact mortgage business are now faced with a multitude of solutions

Any packager looking to systemise their mortgage processing and reduce cost should first look for systems that are tried and tested and have integrated links into the lenders that are on the packagers lender panel. The software should be robust and the functionality should cover all the activities undertaken by the packager. One system that has now been under development for some time and is providing its clients with a powerful processing tool is i-Map developed by I-nvent Software Limited.

Registered as a limited company in August 2006, I-nvent Software Limited was formed to develop and manage the i-map range of software. The company specialises in providing software solutions to the financial services industry. The i-map system was originally developed by working closely with several companies that form the AMPD group, in particular Trustguard Credit Services Limited where the original concept was developed. The i-Map software was launched commercially in February 2006, and since then the number of firms using i-map has grown and exceeded the 100 mark by mid 2007. David Cole of Trust Guard was the driving force behind the development of i-Map and is keen to see it developed further he says: “There are some very exciting developments that we are working on for launch during 2008, all our users will benefit from these new features. Our view is that in order to stand out from our competitors we must adopt a high level of service and support, coupled with the knowledge that we must make sure our software always delivers new business tools that are of tangible benefit to our current and future customers.”

The development team at I-nvent has continued to work with their user base to enhance their offering. The systems will processes mortgages, secured loans, commercial loans and handles GI, PPI and ASU as well as overseas mortgages and bridging loans. It has live online case tracking as well as encrypted, electronic case submission from brokers systems to packagers. An important feature of the system is the ability to synchronize the process for the broker, satellite packager and the master system. The system is task driven allowing full underwriting of cases within the packaging system.

The system provides a full audit trail and document management for compliance purposes and helps to improve customer services by keeping clients informed through the case tracking feature. The system provides automatic case up dates sent out to business introducers and the ability to view important documents on line as well as auto production of case related correspondence.

The most important element of any packaging system is the integration with lender systems for the input of application data and the ability to get instant decisions. The i-Map system has links to 27 lenders through their integration with The Mortgage Trading Exchange. It also has integration with Trigold as a full CRM partner and has links to Trigold’s ETC. The team are about to launch further integration with Evaluate for on line sub prime sourcing which will provide all their clients with access to all the lender integration that Evaluate have achieved. I-map also have their own direct integration with GMAC, Wave, Rooftop, SPML and Future as well as their own generic application form accepted by 30 lenders. The system also has integration with Paymentshield, Select & Protect and Goldsmith Williams for online conveyancing

i-Map has an expanding user base which currently comprises 25 UK packagers, 50 satellite packagers and over 60 brokers. These clients benefit from reduced processing times due to less re-keying of data and seamless integration. I particularly like the fact that the system provided separate and tailored processing for Mortgages, Commercial Loans, Overseas Mortgages, Secured Loans & bridging loans which allows the user to expand into other profit centers if needed. The management reporting tools are comprehensive and will be needed as the FSA look to enforce the Treating Customers Fairly management information deadline at the end of March. The variety of on line application forms is also good and includes an iDIP form which allows the accurate sourcing of sub prime mortgages.

This is a powerful proposition with some robust features but in today’s market the mortgage packager has plenty of systems to choose from. The successful software supplier will be the one that can meet all the needs of their packager customers at the right price.