Meanwhile, Retain is Eligible’s client retention tool which communicates on behalf of firms, picking up clients at completion. Retain supports advisers by automatically educating and keeping in touch with clients throughout their product lifecycle up until review.
James Tucker, chief executive officer of Twenty7Tec, comments: “We are very aware of the role that technology needs to play in helping advisers maintain regular contact with their clients, ensuring the continued delivery of excellent customer service and supporting client retention.”
“In Eligible ai, we have found a partner who also understands the role that technology providers need to play in supporting advisers with retention, and we look forward to working with them in the months and years ahead.”
Rameez Zafar, chief executive officer of Eligible, adds: “We believe retention starts the day after completion – so this partnership is about having connectivity that facilitates this. Our shared vision is to jointly design and deliver solutions that ensure advisers retain as many of their clients as possible in the face of increasing competition.”
“With potential challenging markets ahead, advisers may see their customer acquisition costs rise; and this partnership will streamline retention to offset this pressure.”
The partnership comes as Twenty7Tec adds Halifax Intermediaries to its APPLY module. Following a successful trial, the module will shortly be rolled out to all users of its CloudTwenty7 platform to enable them to submit decision in principle (DIP) applications to Halifax without re-keying.
The APPLY integration with Halifax supports DIP requests for residential applications, as well as broker authentication, decisioning and case tracking. If the DIP is accepted, the adviser is able to pick up the case in the Halifax portal and complete the full mortgage application.
Halifax joins other lenders such as Nationwide, Barclays and Virgin who have all now completed and rolled out integrations with Twenty7Tec's APPLY module.
Tucker says: “We have been working with Halifax since October 2020 to support the development of their API for decision in principle applications, and the success that we have both seen through our pilot has been hugely impressive.”
“Feedback from our users in this pilot has reinforced our strong belief that using APPLY to submit applications to Halifax saves significant amounts of time versus keying applications directly into the lender portal. This time saving ultimately results in the adviser spending more time with their clients, and therefore delivering the best possible service and exceptional standards of advice.”
Ian Wilson, head of Halifax Intermediaries, adds: “As technology moves forward and our customers’ expectations change, it is imperative that we keep up with and advance the ways in which Intermediaries can do business with us to meet the needs of customers.”
“API integrations have been long-awaited in the market and whilst we all have much to learn we are delighted to have made this significant step.”
Carrying on its successful run, Twenty7Tec also announced that it handled its one-millionth mortgage document of the year on March 25.
Director Phil Bailey explains: “If we look back on 2020 and 2019 figures, this year is well ahead in terms of the volume of mortgage documents being produced. We're at least a week ahead of where we were last year – even though the start of 2020 was one of the busiest we had experienced.”
“That's even more remarkable because the number of mortgage searches that brokers are performing has also gone up by 25% for every document produced.”
Bailey says this is a sign that the market remains red hot. With the stamp duty extension, the government-backed 95% scheme due to go live, and new products coming to market every day, there's more supply in the market to meet the massive demand seen over recent months.
He continues: “Mortgage product availability and tighter lending criteria throttled supply for the first three quarters of this financial year. Lenders have to make appropriate risk-based decisions based on the evidence in front of them.”
“Now that the Chancellor has extended the furlough scheme to September and put in place the 95% product guarantee, we're seeing greater lender-side confidence in the market.”
“Product availability is still significantly down on the start of last year when we regularly had around 20,000 products in the market. But this does appear to be the time when the market will now spring forward,” he concludes.