The two phase project will enable Stroud & Swindon to provide on-line Key Facts Illustrations (KFIs) in real-time and in the second phase to offer customers real time Acceptance in Principle (AIP) documentation. The first phase of the project is due for completion in early 2007.

Customers and intermediaries can apply for a Stroud & Swindon mortgage via the company's website but there's currently no straight-through process for processing the application. Instead the applications are re-keyed into the existing TietoEnator mortgage quotation system and the KFIs and application forms are e-mailed to the customer or intermediary.

Commenting on the project, Keith Henley Senior Manager - Business & Information Systems at Stroud & Swindon said, "Our current response time for sending out KFIs is too slow, taking up to 24 hours. This will be done in real-time once the TietoEnator Mortgage Sales Portal is up and running. A fast, efficient web-based system will ensure that intermediaries have even more reason to use Stroud and Swindon and, importantly for the Society, a web-based offer enables us to attract many more customers from outside our traditional catchment area."

The Mortgage Sales Portal will enable true straight-through processing of a mortgage application form, resulting in huge efficiency gains for the Society. Phase one of the project will enable customers and intermediaries to apply for a mortgage on-line and receive their KFI immediately. The application data will then transfer seamlessly into the TietoEnator back-end mortgage processing system without the need for re-keying. Phase two of the project will allow the Society to provide automated AIP's to customers alongside the KFI document, thereby immediately reassuring the customer that they satisfy the Society's lending criteria and further reducing the time required to process the application through to the approval stage.

"We shortlisted a number of vendors for this project" said Keith Henley, "and one of our major considerations was the need to interface the new system with our existing TietoEnator mortgage processing engine. Although all the vendors could create this interface, we considered TietoEnator to offer us the fastest and lowest risk option."

Commenting on the contract with Stroud & Swindon, Richard Gammon, Managing Director of TietoEnator Financial Solutions UK said, "I'm delighted that the Society has selected TietoEnator to supply every facet of its mortgage application processing system from the new front-end web portal to the back-office processing engine. Lenders must continually enhance their systems to attract new customers and improve efficiencies and the Mortgage Sales Portal now brings together the speed of the Internet and the rich functionality of the Society's existing TietoEnator infrastructure, providing intermediaries and customers with a fast, efficient mortgage processing service."