Specialist bank Masthaven has launched its Application Programming Interface (API) connection with specialist master broker, Specialist Mortgage Group (SMG).
SMG brokers will now have access to near-instant Decision in Principle (DIP) responses on Masthaven’s second charge product range.
Utilising the power of Open Banking, Masthaven’s API is now connected with SMG’s application platform Lenderlink, meaning the specialist bank’s second charge products will be included in the master broker’s application funnel at a DIP level.
Jon Hall (pictured), managing director at Masthaven, said: “APIs are promising to completely transform the mortgage industry and we are already seeing the positive impact of these through the likes of auto-filling technology and real-time case tracking.
“Our link-up with SMG is testament to Masthaven’s ongoing commitment to embrace technology within the sector to provide second charge products to an audience as wide as possible.
“Whilst we recognise the power of technology, we don’t ever undermine the importance of human intelligence. Tech allows the specialist lending sector to complete tasks smartly and with speed, but real people will always lie at the heart of the market.”
Matt Cottle, project director, Lenderlink and chief executive officer, Specialist Mortgage Group, added: “We are excited to be working with a leading lender in the specialist mortgage sector and are confident Masthaven’s second charge products will be popular amongst intermediaries.
“It’s great to see the power of APIs really starting to make a difference in the market and we look forward to seeing more of these capabilities utilised in due course.”