Paragon Bank announces the launch of its LET mortgage initiator platform in the full market.
Since January this year, full-scale market launches will be limited. During this time, Paragon used feedback from broker partners to further improve functionality.
Working with brokers, Paragon has identified three core principles to improve brokers’ experience:
Determinism: An intelligent and streamlined application process based on personal circumstances, with faster decision-making and tailor-made application requirements
Transparency: Brokers understand progress throughout the mortgage process
Speed: The application is more efficient in processing and, where possible, access data in the source, reducing application time
By integrating with many data sources, including company homes, Experian and Hometrack, critical information is collected directly from the source and automatically enters the application fields, saving time and reducing the potential for errors.
Use dynamic user interface to customize application requirements for each situation. This means that only the user needs to complete the fields that are suitable for a single application and the information request is not duplicated.
Artificial intelligence is used to complete previous manual tasks such as extracting, analyzing and validating data. This allows Paragon’s mortgage underwriting team to spend more time supporting intermediaries to find solutions for their clients.
Verification of attribute plans has also been improved once uploaded documents are stored firmly to make future processing applications more efficient.
Paragon developers have built the system in-house over the past two years. Paragon has chosen a custom platform that can be customized on ready-made solutions to ensure the most important features are provided in a wide range of interactions with brokers.
Commentary, Managing Director of Paragon Mortgage Director Louisa Sedgwick, said: “Today is a big day for Paragon as the launch of our new mortgage application platform represents a leap in our company’s digital journey.
“Following over two years of behind-the-scenes work, but completely changed the experience of the app, so I believe the broker would agree that it’s worth the wait. The feedback from those who have already used the system as our phased rollout is great and we’ve taken over that feedback to further enhance the product.”
