Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
Step One Finance Unveils New Origination Platform for Faster Applications
Step One Finance has launched a new origination platform designed to support faster and simpler second charge lending applications for intermediaries. The lender developed the platform in response to feedback from intermediaries, with the goal of reducing administration, improving transparency, and streamlining the process from quote to completion.
The platform incorporates several features, including Credit Reference Agency data, electronic identification, e-signatures across all products, and self-service broker account administration. A notable addition is the Quick Quote tool, which provides a free automated property valuation across England and Wales. This tool delivers an automated valuation model (AVM) and an instant lending decision, allowing brokers to assess the likelihood of approval before submitting a full application.
The new system eliminates the need for signed application documents before submission, as documentation is now issued alongside the offer pack. This change is intended to reduce administrative tasks and help applications progress more quickly.
Step One Finance will roll out the platform to its intermediary partners over the coming weeks, with onboarding and training provided. The company recently surpassed £500 million in total lending.
For letting agents and inventory clerks, the introduction of automated property valuations and streamlined application processes may impact the speed and efficiency of property transactions involving second charge lending.
Source: Mortgage Solutions