The DIP for Mortgage solution is a digital journey that allows a potential customer to obtain an decision in principleClosed A Decision in Principle/Agreement in Principle is an indication from a mortgage lender of how much they may be willing to lend a customer for a mortgage. for a mortgageClosed A financial institution (FI) is a company that manages financial and monetary transactions such as deposits, loans, investments, and currency exchange, i.e business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers. by applying for the loan online. All the steps of acquiring the decision in principle are digital done in one session without having to leave the browser, from selecting the area where the user wishes to buy the property to the identification of the customer. The form driven flow helps the customer find the dream house through the integration with a real estate platform, e.g., ZooplaClosed Near-field communication is a set of communication protocols for communication between two electronic devices over a distance of 4 cm or less. (other platforms can be accommodated as well). The solution is built around identifying the needs of the customer, followed by adding the data for the borrower and co-borrower. It supports multiple applicants, consequently, only the main applicant has to fill out the application with the data for all the applicants.

However, the flow can be modified as per the business requirements with the use of our low-code Innovation Studio platform. It saves time to firstly find out whether you as a customer are eligible for the mortgage, and then begin the application. Additionally, the process accommodates the flow for adding a co-borrower.

The user is an un-authenticated customer (a new customer to the financial institution) and the customer segment is retail.

The solution offers a desktop mode with a user interface easy to navigate between screens. It contains a Mobile Mode as well fitted for smaller screens.

The accelerator makes use of connectors developed by FintechOS. The connector chosen comes as a recommendation. For the United Kingdom market, FintechOS chose to use the Ideal Postcodes connector for the step Address Details, but this is subject to internal modification in any implementation. By accessing data from third-party systems that have APIs, it no longer requires customers to type in their data. For more details, see Installation.

Additionally, the integration with Zoopla, the real estate platform is a recommendation for the United Kingdom market. It can be replaced as per the business requirements with a different platform that has exposed APIs. For more details, see FTOS_BARET_GetZooplaProperties.

Business Pain Points

The DIP for Mortgage digital journey by FintechOS is aimed at resolving some of the pain points when applying for a mortgage:

  • long duration before getting an agreement in principal;
  • tailored experience for the market addressed
  • applying for a loan without knowing the offering the bank has
  • extensive calculations.

Advantages of DIP for Mortgage

Here are some of the major benefits the solution offers through FintechOS:

  • Time-efficient. Get a decision in principal without the need of a proof of identity or documents for income.
  • Integrations. The solution accesses and retrieves addresses stored in the Ideal Postcodes platform. Other platforms with APIs can be integrated.
  • Self-service and Co-browsing. You can apply for the DIP for Mortgage with the assistance of an operator if you feel the need for assistance.
  • Navigation. There is a back button that allows you to return to the previous step in case something is not to your liking.
  • Resume the process. You can resume the application after the DIP is done, an email is sent with a continuation link.
  • Progress. The system informs you when the data for a borrower/co-borrower was collected successfully.