Orbiter, a new entrant to the mortgage sourcing market, is set to utilise the latest technology to launch an advanced system for advisers.
The system, set to launch next month, uses technology which allows for complex rules and underwriting criteria behind a simple user interface, according to Orbiter.
Features of the system include:
- full integration of affordability calculations within the system
- the addition of HLCs and arrangement fees to a loan without affecting LTV (where allowed)
- a full indication of why an application failed.
Andy Brown, director of Orbiter Group, says: “Sourcing is only one feature of the Orbiter proposition, but we recognise it is a hugely important part of the job of a mortgage adviser. Our system is also effectively an electronic manifestation of the underwriting manuals of the lenders on our panel.”
He says information is cross-referenced against specific criteria for all lenders, giving a high level of accuracy when sourcing products.
Orbiter expects to launch with a panel of 30 lenders with direct and packaged submission routes. The proposition will be rolled out to the whole market by the end of 2008.
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