The sourcing system was launched in conjunction with Solent Mortgage Services and contains product placement, approval in principle, application and processing capabilities and allows brokers to input data and receive initial underwriting of any case.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “The bridging market has gone from strength to strength in the last couple of years with many new entrants and an array of propositions. Being able to give our members access to such a comprehensive sourcing system that will help them take advantage of this burgeoning sector is a significant development.”
Hunt said that uncertainties about regulation and compliance, which have prevented some intermediaries from entering the bridging market, will be alleviated by the system which helps to ease the compliance burden by providing a full audit trail from the start of the process.
He said: “Before it was difficult for brokers to make sense of confusing interest calculations from some bridging lenders but this system allows them to navigate the sector with confidence.”
The system allows a data feed into AIPs and lender applications without the need for re-keying information, calculates interest to the penny showing the best available rates and audits regulated and non-regulated cases providing a remote compliance report.
Ian Balfour, chief executive at Solent Mortgage Services, said: “We are delighted to be working with Paradigm members and look forward to developing our longstanding relationship. This new service is an important step change in the way intermediaries can access the bridging market, by allowing whole of market sourcing, AIP, application and fulfilment in one place.
“Paradigm members will now be able to provide advice confident in the knowledge that each step of the process from enquiry to completion will meet all compliance requirements.”