Regulation has put affordability front and centre in the mortgage market. And quite rightly. But with Smartr365 and MOGOPLUS that doesn’t mean it has to dominate the process.
Quite rightly, affordability is the biggest factor determining the amount customers can borrow. Lenders have a legal obligation and moral responsibility to help customers avoid signing up for loans when they’d struggle to meet the repayments. It’s vital to get it right, and brokers have a key role in that process. But getting it right isn’t easy when customers want decisions right now. Collecting the data required is often time-consuming, cumbersome – and unreliable. Even discounting the UK’s growing army of self-employed, it’s not always easy to ensure income, and particularly expenditure, figures are accurate. People quite often simply don’t know.
Are you really confident you know how much your customers are earning and spending? And how much time and effort should go into figuring that out? Most importantly, how do you prevent affordability checks stopping the mortgage process in its tracks as customers struggle to find the information needed or even abandon applications entirely?
Smartr365 may not have all the answers – but we do offer solutions. Smartr365’s integration with MOGOPLUS allows our brokers to rapidly gather financial data on their clients for affordability checks and other uses.
Automatically gathering data from across customers’ accounts, MOGOPLUS uses advanced analytics to sort this, identifying transaction spending categories, earnings, average amounts and one-off and regular payments. In seconds, you can gain a comprehensive overview of a client’s income and outgoings to determine affordability – giving you time to focus on the more important stuff.
Smartr365 and MOGOPLUS saves you time, cuttings costs, minimizing fraud and boosting confidence and compliance for the lenders you work with. It means faster, better applications, and fewer rejections. It also vastly simplifies and accelerates the process for your customers. Sounds interesting? Sign up for a free demo here.