Legal & General has unveiled Launchpad, a new point of sale platform for mortgage advisers.
Launchpad pulls together e-business technology across the housing and protection markets, allowing mortgage sourcing, lender applications and protection quotations and applications to be seamlessly linked in one process.
By combining Legal & General's existing e-trading solutions with other systems required for housing and protection sales, Launchpad provides the gateway to meeting all of a client's financial services needs around these transactions saving advisers time and money by allowing single entry of data with pre-population of items entered throughout.
Graham Newitt, housing and protection director at Legal & General, describes Launchpad as “one of the most important developments in e-business this year”.
Launchpad is free to Legal & General's business partners and is being rolled out to from August onwards. It does not create a rigid sales process, but has been designed to give users the flexibility to use components in the way that suits their business best.
Through Launchpad advisers have a choice of mortgage sourcing systems available at specially negotiated prices, tailored to their needs. The systems can be trialled free of charge before choosing the one that best suits the adviser.
Launchpad incorporates the online links already developed between Legal & General and key Mortgage Club lender partners. The unique, market leading XML links developed by the company in conjunction with its lender partners mean that advisers can obtain immediate Acceptances in Principle (AIPs) and submit mortgage applications online all with data pre-populated through Launchpad.
Launchpad also addresses the working needs of advisers. 'Store and forward' technology enables advisers to collect data for quotations, mortgage sourcing and applications offline with clients and then submit applications online directly into Legal & General's processing systems at their convenience.
The store and forward technology has been successfully deployed in Legal & General's eProtection Choices package which has been enthusiastically taken up by intermediaries. eProtection Choices is a significant part of Launchpad providing a suite of protection products for advisers to recommend in conjunction with the housing transaction for a fully rounded mortgage sale.
Launchpad will help advisers to operate effectively as new mortgage regulation is developed and takes effect, by aiming to provide them with the tools to remain compliant under the new regime.
The standard single data entry system which runs through Launchpad means information entered once is automatically pre-populated to other forms and applications within the system – saving time and money for advisers. In addition, Launchpad uses an 'Intelligent Mortgage Application' that pre-populates all the online forms from Mortgage Club lenders signed up to the system.
Housing and protection director Graham Newitt says: “Launchpad sets the new standard in systems for advisers operating in the protection and housing market today. By aggregating data across the housing sale in this way, advisers can capitalise on the benefits of trading electronically with Legal & General and its Lender Partners while still following their favoured sales processes.
“Launchpad is an intelligent platform designed to create a new housing desktop for the adviser that interacts with Legal & General's other solutions, it is not a new system on its own. For those advisers who have taken up our other point of sales systems this as a natural evolution that extends their use of the existing systems rather than replaces them.”
David Kade, mortgage department manager at Churchill Estates, which has been piloting Launchpad, says: “This system is professional and impressive from our clients' point of view. It will save us a great deal of time and money and enable us to spend more time servicing the needs of more customers. We know our cases are being submitted and processed in the most efficient way.”
Legal & General is confident it will have around 2,500 users of Launchpad by the end of the year. 1,100 existing users of the company's Mortgage Decisions system will be offered automatic transfer to Launchpad and Legal & General expects an additional 1,500 or so other users to take up the free offer for Launchpad.