Lenderquote launches sales and compliance system
Lenderquote boasts it can vastly reduced training times, lower administration costs, speed up sales, lessen the reliance on experienced underwriters plus detailed research records and audit trail to protect the business.
Steve Walker, a spokesman for Lenderquote, said: “The underwriting and sales system has been tried and tested over the last 7 years and is recognized as best in class.
“Over 10000 intermediaries have registered to use the introducer version through Promise Solutions and its partners.
“For secured loan brokers and packagers with direct lender agencies Lenderquote can provide a complete underwriting and sales platform including whole of market underwriting and sales process for 19 lenders, integrated lender credit search’s, built in TCF and compliance tools and audit, integrated lender agreement printing and data integration via XML to CRM systems to reduce rekeying”.
Some of the main benefits to packagers and loan brokers are minimal training for sales staff and underwriters allowing rapid growth and lower staff costs, point of sale underwriting and quoting to close sales faster and minimise call backs, whole of market comparison plus up-sell and down-sell guides to demonstrate the best deal plus built in referral rules to maximise out of criteria opportunities.
To evidence compliance the system generates detailed records of the research on each quote and reasons why to satisfy CCA, TCF and FCA requirements.
To further reduce administration time lender agreements are printed centrally from the system together with standard pre-completed documents such as the application form and DDM.
All lender plans and documents are maintained within the monthly fee of £250 for 5 users and the system is fully hosted and online so eliminating additional IT costs
Walker added: “99% of loan packagers do not have access to this type of technology but it is an important requirement now and will be a business imperative as the industry moves to FCA regulation.
“The system is currently in use in pilot mode with selected partners and will be available more widely in the coming weeks.”
Lenderquote will be available for packagers to view at the Financial Services Expo on 1 and 2 October.