Mortgage Brain has completed its first live transaction on Lendex, its new multi-lender application and submission gateway.
The transaction was a buy-to-let remortgage case placed by mortgage brokerage Mortgage Advice Agency which used Lendex for a live application with Coventry Building Society.
Lendex will have a phased launch next year after a successful pilot.
Mark Lofthouse (pictured) chief executive of Mortgage Brain, said: “We are delighted to have completed the first of what we anticipate to be many tens of thousands of transactions on Lendex over the next year.
“It is an important milestone and we remain on track to launch this brand new platform that will transform the decisioning and application process at no costs to advisers in 2020. “
An AIP was submitted and an accept decision successfully returned which was then converted to a full mortgage application with the submission, decision and subsequent application all being successfully tracked.
Carly French, mortgage adviser at Mortgage Advice Agency, added: “The system was clear and very easy to follow, and will easily fit into any broker’s working day.
“I picked it instantly, having navigated it only once.
“We’re looking forward to incorporating Lendex into our mortgage process and the positive impact it will have on our business.”
Lendex will submit AIPs and FMAs directly to all participating lenders’ back office systems with just one log-in.
It will provide a modern process to request a decision in principle and then digitally complete, submit, together with documents, administer and track full mortgage applications.
Kevin Purvey from Coventry Building Society said: “We are very proud to be able to facilitate the first transaction in Lendex.
“This digital gateway is a key component of our strategy to adopt and use new technologies that support intermediaries.
“The industry as a whole will benefit from the increased efficiency provided by Lendex.”