The Digital Mortgages Self-Service Application solution is an accelerator that allows you to obtain 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 it online. All the steps of acquiring the mortgage are digitally performed in one session without having to leave the browser, from selecting the property area to providing details about your identity. However, the accelerator can be modified as per the business requirements with the use of Studio.

The accelerator helps you find a property to buy 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. Additionally, the process accommodates the flow for adding a co-borrower.

After the applicants finish their flows, the system runs an automatic underwriting process to approve the request. Once the decision in principle is approved, the applicants follow a formal approval which is subject to manual underwriting done by a back-office employee. If that request is validated, the main borrower undergoes a property valuation, uploads an insurance document, and conveyancing assessment. If everything is correct, the main borrower can sign the contract for the disbursement.

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 discovering the address, but this is subject to internal modification in any implementation.

Business Pain Points

The Digital Mortgages Self-Service Application 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 Digital Mortgages Self-Service Application

Here are some of the major benefits the solution offers:

  • Improved Customer Experience. The solution harbors a My Mortgage Hub that displays the applicant's steps and timeline with live status updates and action triggers. from here, you can resume steps, check responses from the financial institution and more.
  • 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 Digital Mortgages Self-Service Application with the assistance of an operator if you feel the need for assistance.
  • 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.