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Paragon Bank has launched its new buy to let mortgage origination platform, which it claims will deliver a faster, smarter and more flexible application experience for intermediaries.    

Designed in-house to meet Paragon’s bespoke requirements, it offers a dynamic, digital application process. The cutting-edge new system has been developed over the past two years with extensive input from brokers. 

The system is described as delivering three core benefits to mortgage brokers: 

• Certainty: An intelligent and streamlined application process based on individual circumstances results in quicker Decisions in Principle and tailored application requirements;

• Transparency: Brokers are kept informed on progress throughout the mortgage process;

• Speed: Applications are processed more efficiently and where possible, access data at source, reducing application-to-offer time.

The system draws data from a range of sources including Companies House, Experian and Hometrack to pre-populate application details. The platform tailors application requirements to each case, ensuring that only relevant questions are required and information is requested once.  Artificial Intelligence is used to support underwriters by extracting, analysing and validating for their review.

Intermediaries can upload their client’s property schedule for improved validation, with the schedule stored for returning customers, reducing the documentation required for future applications.

Louisa Sedgwick, Paragon Bank Managing Director of Mortgages, says: “The launch of our new mortgage originations platform is fantastic news for us and our broker partners because it will transform how we work together. Delivering a faster, smarter and more flexible experience, we’re really excited to share it with the market after spending two years developing it with lots of input from intermediaries.

“We have been blown away by the feedback we have received during the test phase and our broker partners report that it is far quicker and simpler to submit their clients’ applications than our previous system. It also gives us greater capacity, increasing the level of business we can process and enabling our team to focus on delivering an even better service to our partners.”

Paragon will phase the launch of the platform over the first quarter of the year. Initially launched with a small number of mortgage networks and clubs, Paragon further enhancements to the platform before it is made available to the whole of market, expected to be by the end of March.

Its launch marks the latest milestone in Paragon’s digitalisation programme across its business lines. Previously Paragon has built new platforms for its Development Finance and savings businesses, as well as launching a broker portal for its SME Lending franchise. Future programmes include further developments of the mortgage origination platform and a new back office system for the SME Lending business. 



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