Tink launches new affordability analysis tool using open banking technology. ‘Expense Check’ provides lenders with an up-to-date and verified view of fixed and discretionary spending. It also factors in the cost-of-living impact and enables regular reviews. The service can be used with Tink’s income verification tool known as ‘Income Check’.
Land Registry launches plan to speed up digital services with the aim to have around 98% of its services automated by 2025, as compared to around 90% today by cutting processing times to 15-days on an average across registry updates and new applications.
Rent to Own proposition rolled out after trial. ‘Keyzy’ purchases the property as a cash buyer then rents it back to the customer, while allowing them to save a deposit. Keyzy charges tenants a monthly-fee which covers a market-valued based rent, and a surcharge of up to an additional 25% which gets converted into the eventual deposit for the property.
Darlington Building Society taps LexisNexis to help fight fraud. The RiskNarrative platform will also enable the society to carry out document verification, PEP and sanctions monitoring, identity and address verification and risk ratings for applications, as well as build and maintain internal watch lists.
LMS launches DART automated remortgage software. Decisioning and Automated Remortgage Technology (DART) aims to “simplify the lender instructed remortgage journey”, allowing automation of simple cases from the point of information being received to post completion workflows.
LMS partners ProConveyancing on 10-day completion guarantees. Pro Conveyancing has been operating with estate agents, brokers, lenders, auction houses and other property professionals offering conveyancing services for the last two years.
One Mortgage System launches search partnership with Dashly allowing brokers to find highly personalised products that match a customer’s circumstances, taking all fees and early repayment charges into account.
Hinckley & Rugby undertakes first digitised remortgage transaction in the UK with PEXA. The paperless system streamlines the lodgement and settlement process, cutting costs, improving efficiency, and reducing potential risks.
Australian fintech firm PEXA acquires Optima Legal from Capita for an undisclosed amount. Optimus legal deals with 22% of the UK remortgage market. PEXA, which recently completed the first digital remortgage in the UK, is also launching a payment scheme with the Bank of England for remortgages. It plans to further develop its capabilities with the release of its sale and purchase solution in 2024.
Pepper Advantage partners with fraud prevention platform Thirdfort, whose risk management platform combines know your clients (KYC), anti-money laundering verification alongside open banking and transaction specific data.
Tech is key to industry future say 60% of brokers with 86% believing that “technology makes the mortgage journey safer than a traditional, paper-based application process.” — Smartr365 research.
ID-Pal verification solution combats crime in the mortgage industry by claiming to be the only product in the market accredited to verify documents; “beat every single type of attack” for likeness testing including deep fakes and managing data security.
Knowledge Bank launches real-time market update with on-screen live banners showing brokers' product changes and daily criteria updates, amid the turmoil in the mortgage market.
