A mortgage technology vendor in the U.K., TietoEnator, is promising lenders that they can offer 30-minute mortgages with its new Mortgage Origination Suite. According to Richard Gammon, Managing Director of TietoEnator Banking & Insurance, unconditional mortgage offers can now be made within 30 minutes. Additionally, lending decisions can be made with a greater degree of consistency and transparency, protecting the lender from discrepancies in the process, and from abuses of their lending rules.
The company seems to be basing their claims on straight through processing and the integration of previously manual processing steps such as elelectronic ID checking, credit searching, credit scoring and AVM ordering and analysis.
The timing is interesting. Some reports indicate that the U.K. mortgage lending environment is not much better off than ours here in the U.S. It will be interesting to see if the lenders there have sufficient appetite for risk to automate more of these steps in this market.