Paragon Bank has announced the full market launch of its buy-to-let mortgage origination platform.
The full market launch follows a limited rollout, underway since January this year. During this time, Paragon used feedback from broker partners to further improve functionality.
Working with brokers, Paragon identified three core principles to focus on in order to improve the broker experience:
Certainty: an intelligent and streamlined application process based on individual circumstances results in quicker Decisions in Principle and tailored application requirements
Transparency: brokers are kept informed on progress throughout the mortgage process
Speed: Applications are processed more efficiently and where possible, access data at source, reducing application-to-offer time
By being integrated with a number of data sources including Companies House, Experian and Hometrack, key information is gathered directly from source and automatically entered into application fields, saving time and reducing potential for errors.
Utilising a dynamic user interface, application requirements are customised to each case. This means that the user is only required to complete fields that are applicable to the individual application and information requests are not duplicated.
Artificial Intelligence is used to complete previously manual tasks such as extracting, analysing and validating data. This enables Paragon’s mortgage underwriting team to spend more time supporting intermediaries to find solutions for their clients.
The validation of property schedules has also been improved and once uploaded documentation is stored securely to make future processing applications more efficient.
Over the past two years, Paragon developers have built the system in-house. Paragon opted for a bespoke platform over an off-the-shelf solution to ensure it provides functionality that was identified as most important during extensive engagement with brokers.
Commenting Paragon managing director of mortgages Louisa Sedgwick said: “Today is a big day for Paragon because the market-wide launch of our new mortgage application platform represents a leap forward in our company’s digitalisation journey.
“It follows more than two years of behind-the-scenes work, but completely changes the application experience, so I’m confident that brokers will agree it’s worth the wait. The feedback of those who have already been using the system as part of our phased rollout has been fantastic, and we have taken on board that feedback to further enhance the offering.”
