Faster, Smarter and More Flexible - Paragon Bank Unveils New Buy-to-Let Mortgages Originations Platform

Paragon Bank has launched its new buy-to-let mortgage origination platform, delivering a faster, smarter and more flexible application experience for intermediaries.      Designed in-house to meet Paragon’s bespoke requirements, it offers a dynamic, digital application process. The cutting-edge new system has been developed over the past two years with extensive input from brokers.  The system delivers three core benefits to mortgage brokers:

• Certainty: An intelligent and streamlined application process based on individual circumstances results in quicker Decisions in Principle and tailored application requirements
• Transparency: Brokers are kept informed on progress throughout the mortgage process
• Speed: Applications are processed more efficiently and where possible, access data at source, reducing application-to-offer time

The system seamlessly draws data from a range of trusted sources, including Companies House, Experian and Hometrack to pre-populate application details. The platform tailors application requirements to each case, ensuring that only relevant questions are required and information is requested once.  Artificial Intelligence is used to support underwriters by extracting, analysing and validating for their review. Intermediaries can upload their client’s property schedule for improved validation, with the schedule stored for returning customers, reducing the documentation required for future applications. By automating manual tasks, such as accessing and validating data, Paragon’s mortgage underwriting team has greater capacity to focus on tasks that add value to brokers. Louisa Sedgwick, Paragon Bank Managing Director of Mortgages, said: “The launch of our new mortgage originations platform is fantastic news for us and our broker partners because it will transform how we work together. Delivering a faster, smarter and more flexible experience, we’re really excited to share it with the market after spending two years developing it with lots of input from intermediaries. “We have been blown away by the feedback we have received during the test phase and our broker partners report that it is far quicker and simpler to submit their clients’ applications than our previous system. It also gives us greater capacity, increasing the level of business we can process and enabling our team to focus on delivering an even better service to our partners.” Paragon will phase the launch of the platform over the first quarter of the year. Initially launched with a small number of mortgage networks and clubs, Paragon further enhancements to the platform before it is made available to the whole of market, expected to be by the end of March. Its launch marks the latest milestone in Paragon’s digitalisation programme across its business lines. Previously Paragon has built new platforms for its Development Finance and savings businesses, as well as launching a broker portal for its SME Lending franchise. Future programmes include further developments of the mortgage origination platform and a new back office system for the SME Lending business.  Jonathan Workman, Paragon Bank Mortgages Transformation Director, added: “We decided to develop this system in-house and bespoke to our needs because the ‘off the shelf’ options didn’t meet our requirements or expectations of what we want from a system, or more importantly, what our broker partners want. Our new mortgage origination platform is transformative to our business and how we work with intermediaries. “We’ve worked closely with brokers throughout the project to address any pain points and get a real understanding of what the best mortgage application process looks like whatever the size of the property portfolio. This insight has informed every stage of the programme and will help to ensure intermediaries have the best possible experience when placing business with us.” Vincent Burch Mortgages Services was one of the firms to be selected to form part of the new system’s pilot. Steve Clarke, Operations Manager at Vincent Burch, said: “Straight away we could see that significant improvement to the application journey, which has resulted in us being able to process our Paragon business much quicker than before. We provided lots of feedback during the pilot phase and it's really refreshing to see that so many of our suggestions have been actioned and implemented.”