TSB is launching a broker system called Mortgage Pro in the coming months which should quicken up the mortgage process for intermediaries and consumers.
The system should halve the time it takes to key in customer information from 30 minutes to 15. Meanwhile it should reduce the average time it takes applications to go to offer by two days from 14 to 12.
The system is being piloted with London & Country mortgages and will be widened to the rest of the market in January.
Once customers’ details are entered the system will narrow down its mortgage selection to ones that apply to them.
By the end of next year TSB plans to allow its system to link up with brokers’ so they don’t have to key in information multiple times.
Indeed Roland McCormack (pictured), TSB’s mortgage distribution director, said that in his opinion in three years’ time lenders will be separated by whether they do or don’t allow their systems to easily plug into brokers’ systems.