Origo has today announced plans to launch a set of e-commerce standards for the mortgage industry within the next two to three years.
The standards body, which currently consists of life and pensions companies has recruited Frank Eve Consulting, a consultancy specialising in the mortgage industry, to develop the project in consultation with the mortgage lenders and brokers.
According to Frank Eve, managing director of Frank Eve Consulting, Origo will be meeting with industry representatives over the coming months to secure support new sponsors in the mortgage industry to invest in the new standards.
It claims the new standards will drive e-commerce in the sector and create standards needed to help systems across the industry integrate.
Eve says Origo is the perfect vehicle for lenders intermediaries and technology companies to drive and prioritise data standards that “will ultimately create the e-commerce platform the mortgage industry badly needs.”
Eve adds:“With volumes reducing and margins squeeze, the mortgage industry has to find ways of reducing costs and integrating technology solutions to provide intermediaries and consumers with a better more compliant service. This is an exciting project that can change the face of e-commerce in the mortgage industry and speed the process of systems integration.”
Paul Pettitt, managing director of Origo, argues the organisation is in a unique position because it does not supply software and has no vested interest in commercial activity.
He claims Origo’s aim in launching a common set of standards for e-commerce in the mortgage industry is to provide a viable economic model for e-commerce activity in the industry that delivers a competitive market place at lower cost.
“Ultimately, we exist to contain cost for lenders, intermediaries and technology companies who ever they are. We already have a number of services that if extended to mortgages could be of immediate benefit,“ he adds.IFAonline
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