UK building society Alliance & Leicester and insurance firm Legal & General have launched an online mortgage application solution for users of Legal & General’s Mortgage Decisions system.
Legal & General’s advisers will be able to access the solution through the company's Mortgage Decisions system and pre-populate the Alliance & Leicester mortgage application with client information already input to the system before submitting it on-line.
The new service will provide Legal & General’s advisers with a decision in principle (DIP) online within 60 seconds and with a response on referrals within the hour. The data from the DIP can then be converted into a full mortgage application, which can be sent electronically and fed directly into A&L’s processing system.
Once the application has been accepted, the adviser will be able to track its progress online 24 hours a day. The adviser will also be able to click on a ‘call me back’ button should they require further assistance from a member of Alliance & Leicester’s Internet Support Team.
Jeff Sutherland-Kay, head of intermediary sales development at Alliance & Leicester says: "This development will speed up the whole mortgage process, providing quicker decisions, speedier processing, easy tracking of cases and less paperwork."