Financial technology software provider Equiniti Pancredit has launched ‘Broker Client’, an automated secured loan sourcing product for large brokers.
According to Equiniti Pancredit, the product aims to improve and streamline paper-based loan application processes.
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Broker Client automates a number of manual underwriting processes and compares an applicant’s lending profile to a firm’s entire portfolio of available loans.
"Delivered as a cloud-based service, Broker Client enables brokers to filter client profiles and quickly identify cases where intervention is likely to be needed, enhancing their resource allocation decision making," the company added.
The system also produces a set of notes against each lender rejection.
The product, acting as a filtering tool, begins with an identity check or ‘pre-search’ based on the broker’s predefined criteria. Then, based on the results, it performs a more thorough public search sourcing the applicant’s credit history – e.g County Court Judgements (CCJs) – or any existing debt and claims of bankruptcy. During the final stage, Broker Client uses this profile to determine which secured loan products the applicant would qualify for, according to specific criteria of each product and lender.
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By GlobalDataGraham Donald, managing director of Equiniti Pancredit said: "With this technology the entire underwriting process can take place in a matter of minutes, instead of hours or even days. Automating the application process for ‘black and white’ cases will free up underwriters’ time to focus their efforts on less straightforward applications."
