News release Marlborough Stirling launches e-commerce mortgage solution

The launch of a new end-to-end, web-enabled mortgage management solution could transform the industry by providing an effective, fast-track route to market, claims e-commerce financial services provider Marlborough Stirling.

A `one-stop-shop` blend of flexible software - which can be used across all distribution channels - and a slick mortgage outsourcing service will enable new mortgage products to be launched quickly, and portfolios serviced more economically than ever before, says Richard Swan, product director for mortgages.

The system, which is suitable for single or multi-lender applications, enables product selection to be made in line with specific customer requirements. Already adopted by several dot.com players, it is fully automated and can cater for `an almost infinite number of mortgage products and permutations`.

Front and back office operations can be effectively meshed together using a combination of online and offline services that handle the loan from the very first point of contact with the customer right through its lifecycle. Seamless processing and management is the result, says Swan, leading to significantly enhanced efficiency and reduced costs.

The system encompasses a series of components including electronic point-of-sale, underwriting, mortgage application processing, loan servicing, renewal management and securitisation. Lenders can cherry-pick, either taking the entire system or selecting individual elements to complement their existing systems. They can also opt for a comprehensive mortgage outsourcing service, fully managed by Marlborough Stirling.

Filling in an online application form will generate a quick, automated decision in principle in a matter of minutes. There is a full cost modelling component, providing comparative quotes for insurance, sickness and unemployment cover, and the option of an online credit check system. Customers can then track the progress of the case online themselves.

Once the case is approved and funds released, customers can check outstanding balances themselves. This `self service` approach reduces the servicing required, minimising costs for the lender and providing added value for the customer.

Extra `value added` elements include a renewal prompting facility and an automated securitisation capability. The latter is proving particularly attractive to new entrant lenders, according to Swan, and those who need to avoid the cost of keeping loans on their balance sheets for too long. Rather than having to manually pore through every single loan, they can simply enter pool selection criteria onto the system, bundle up the results and issue the pool.

He said that the complete service meant providers could now easily offer consumers a complete mortgage solution over the internet, sweeping away prohibitive market entry costs.

"But if they are going to protect their futures, lenders must continually sell to their customers to retain them. The automatic product renewal component of the system assists lenders in meeting customers` increasing demands for better deals and more choice", he added.

"We have the capability - the software, outsourcing support and market leading expertise of the mortgage industry - to empower providers, give consumers the best possible service and, consequently, maximise their chances of enticing them on board and keeping them there."