The eMortgage Forum, part of e-commerce standards group Origo, has today given the go ahead to create a standardised system for mortgage application, mortgage tracking and product data.
Origo says the new standards will complete coverage for the entire online mortgage sales process and help streamline data transfer between intermediaries and lenders.
Standards for pre-offer KFI and application in principle were introduced earlier this year and the new standards are expected to be delivered by the end of Q2 2008.
Aside from streamlining data transfer between lenders and intermediaries, which will enable straight through processing for mortgage sales, the new standards will have several other benefits. The standards will assist intermediaries in the tracking of applications, help lenders communicate product information to the marketplace, allow the integration of services on lender websites, and reduce the need to re-key data.
Commenting on the forthcoming standards, Jack Saxton, managing director of Halifax Intermediaries, says: “We have seen a huge increase in the amount of online business for mortgages in recent years and by using standards, we can achieve straight through processing for the entire mortgage sales process.”
Saxton says he hopes the technology will deliver an efficient process which will help the market in the long-term and deliver faster services for intermediaries.
Paul Pettitt, managing director of Origo, adds: “These latest standards will be of great benefit to intermediaries and also a substantial resource for the industry, saving an enormous amount of time and effort for any organisation wishing to offer online Full Mortgage Application, Tracking and Product Data services.”
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