Evaluate Technologies says it has successfully tested its new online sourcing and application system for sub-prime mortgages with Primrose and a number of lenders including GMAC-RFC.
The technology provider says the new platform EV2, is a significant upgrade on its previous system offering accurate decisions within minutes from an increased lender panel. Multiple decisions are based on real-time credit data and all available criteria including affordability models. Users can cascade across lenders by their preferred criteria, comparable cost or initial interest rate.
The platform also offers a summary of all product details including a document requirement list to ensure speed to offer. This is then displayed in a “mortgage comparison matrix” that also contains decline reasons for lenders that will not lend. It also displays lower loan amounts where the loan amount requested exceeds lender limits.
Kevin Friend, strategic partnership director of Evaluate Technologies, says: “We are at the leading edge with lender integration. However, it was necessary to invest in a solution for non-integrated lenders, providing users with a comprehensive accurate response from a representative panel of lenders.
“While we believe we have built the ultimate non-integrated solution, we see this very much as an interim technology solution and regard full integration as the end game. We will now focus on integrating with as many lenders as are ready for us”
Godfrey Blight, managing director of sales and marketing at GMAC-RFC, says: “Anything that makes it easy to access lenders for consumers and brokers we applaud. Evaluate is clearly pushing that level of connectivity forward and its very encouraging to see.
“One of the challenges we have in the future in terms of companies developing their own systems is making sure we have a way of connecting those systems together so we can all talk to each other and Evaluate is clearly working hard to develop the means to do this.”