Since the launch of its online mortgage decision and case processing system, Gravity, TFC has received nearly 3000 mortgage applications.
TFC Homeloans, part of the Orbiter Group of companies, was the first mortgage packager to fully adopt the Gravity system at the start of September 2007. Developed by software company Oppono, Gravity is now used by 14 packagers in total, however, TFC is still able to offer its brokers exclusive functionality.
As many packagers are finding current market conditions increasingly difficult, TFC has announced that it attributes a great deal of its financial strength to the efficiencies of the Gravity system.
Sue Traskowski, head of broker services at TFC Homeloans, says: “Many packagers who were hoping for a light at the end of the tunnel by now are continuing to struggle. At TFC we’ve found that brokers are choosing to use TFC because of the competitive edge we offer them in terms of service. Gravity enables us to provide a decision in principle normally within four hours and take the client from application to completion in as little as two weeks.”
Recent independent research from NMG Financial Services Consulting indicates that packager usage is up in 2008 from 2007. Figures show that even though packager usage is slowing in the first qtr of 2008, packager usage 5% higher in Qtr 1 2008 than in Qtr 1 2007.
Traskowski adds: “As product choice has reduced, brokers are turning to the packagers they can trust to help find suitable products for their clients. Using a system such as Gravity makes this process as quick and easy because we do all the hard work for the broker. Our service proposition is one of the reasons we’re still strong in the current market place and why we’ve been chosen as one of the few packagers to support the larger networks such as Sesame.”