Mortgage Origination Suite is a completely new, end-to-end mortgage origination solution to manage the entire process of mortgage origination from point of sale to completion. Through online integration with credit reference agencies and AVM providers, intelligent product matching to meet customer preferences and a consistent adherence to lending and business rules, mortgage providers will be in a position to confirm unconditional offers in less than 30 minutes.

Richard Gammon, Managing Director of TietoEnator Banking & Insurance comments: "TietoEnator is already established as the provider of the UK's most widely used mortgage processing solutions. But there is still a large part of the market using outdated technology and we believe these lenders are underestimating the pace of change in consumer buying patterns. The launch of Mortgage Origination Suite will give lenders the opportunity to step on to a completely new technology platform providing a single, consistent process across all channels."

He continues: "The components to allow straight through processing of the mortgage application have been available for some time, yet most lenders have struggled to integrate them into one seamless process. Mortgage Origination Suite will automate the entire process from initial enquiry through to completion eliminating manual checking and re-keying of data, creating an efficient, error-free and cost-effective mortgage application process."

Improving lender efficiency and enhancing the customer experience at the point of sale have been key drivers behind the product development. Mortgage Origination Suite is designed to allow lenders to improve the mortgage application process by streamlining the customer fact find and automating the underwriting.

The customer fact find only requests the information that is required to assess the specific type of application being made. At each stage of the interview the system discreetly checks the details provided with elelectronic ID checking, credit searching, credit scoring and an AVM, so that the advisor knows the customer meets the criteria for proceeding to the next stage. In a significant number of cases this eliminates the need for further underwriting and the customer receives a mortgage offer before leaving the point of sale.

Until now these steps have rarely been integrated and often involve manual processing in multiple systems before a lending decision is reached, with customers often waiting up to 14 days from application completion for a lender to make a mortgage offer.

Recent lender research undertaken by TietoEnator confirmed that even with market leaders aiming for same day offers, the majority of lenders are still only aspiring to a four day turnaround for an unconditional offer. Mortgage Origination Suite will demonstrate to lenders that not only can an unconditional mortgage offer now be made within 30 minutes, but 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.

TietoEnator has also acknowledged the FSA's retail regulatory agenda particularly with respect to treating customers fairly (TCF). Mortgage Origination Suite will enable lenders to be 100% consistent in the way in which a customer's mortgage application is managed, ensure that mortgage products are targeted to meet the specific needs of each customer and make certain that consumers are provided with clear information and are kept appropriately informed during and after the point of sale.

Richard Gammon comments: "Mortgage Origination Suite is quite simply a more efficient and therefore faster solution for selling mortgages and I firmly believe that the 30-minute mortgage offer will soon redefine what is 'normal' for customers to expect from their lenders."