Origo launches mortgage standards initiative
The standards aim to drive e-commerce, help integrate systems and increase efficiency across the industry.
Lenders and intermediaries have been consulted on a governance structure that will enable joint decision making on priorities and timescales. Within the context of this structure, agreement has been reached with 13 lenders on initial funding arrangements for 2006.
Paul Pettitt, managing director of Origo, said: “This is a significant step for the mortgage industry and one that can bring benefits to all stakeholders in the industry, lenders, intermediaries and technology companies. Origo will bring together representatives from throughout the mortgage sector to agree a uniform strategy that will bring about a competitive, standards-based e-commerce environment in the industry.”
Supported by The Association of Mortgage Intermediaries (AMI), the initiative is open to all lenders and discussions are continuing with many others that are expected to join during the year. Origo has also been consulting with technology companies during the past 12 months to ensure that their concerns and aspirations are understood.
Pettitt added: “Origo has ensured that all key players in the mortgage sector understand the need for industry standards to drive efficiency and compliance. In a regulated environment, accuracy and availability of data across a choice of systems is key to ensuring mortgage intermediaries can operate their businesses efficiently using IT systems to support compliant processes.
“All stakeholders in the market need to ensure that a robust e-commerce framework is in place to deliver these improvements in customer service. Origo Mortgage Standards will deliver this framework.”
Origo has successfully implemented common data standards across the life, pensions and collective investment industry. Over 350 companies are registered to use Origo standards and Origo has significant representation from life and pension companies that either sponsor or subscribe to the XML Standards.
Mortgage industry expert Frank Eve, said: “Increasing responsibility for a compliant advice process, the need to reduce costs and a demand from advisers for higher quality, 'joined-up' online services, means this is the ideal time to launch a standards framework in the mortgage industry. This is a great move.”