Users of CloudTwenty7 will be able to complete an Accord Decision in Principle application in the CloudTwenty7 platform, re-using customer data already captured, before passing the data to the Accord portal and submitting to the lender.
The integration with Accord is now in pilot with Mortgage Advice Bureau and Connells Group, with a wider rollout planned to all CloudTwenty7 users in the second quarter of 2021.
James Tucker, chief executive officer of Twenty7Tec, comments. "We have been working with Accord for some time now, jointly developing solutions for making the process of applying for a mortgage decision simpler, faster and more efficient.”
“With this integration, we have achieved just that, and we look forward to rolling this out to all users of CloudTwenty7 shortly.”
Jeremy Duncombe, managing director of Accord Mortgages, adds: “We’re really pleased to be integrating this technology with Twenty7Tec as we continue our digital journey to make it easier for brokers to do business with us.”
“This solution, together with our MSO platform, will make a noticeable difference to the amount of time it takes brokers to place cases with us, freeing them up to spend more time with their clients.”
The firm has also integrated with WhenFresh, a provider of aggregated property data solutions.
WhenFresh brings together over 200 proprietary, private and public datasets in one place to form a ‘data supermarket’, covering virtually every property in the UK. The data is used by 8 of the top 10 high street banks, the Bank of England and many leading insurers.
Property data from WhenFresh can now also be automatically populated into the CloudTwenty7 platform. The data available includes property type, property style, property tenure, years left on lease, presence of flying freehold, number of floors, wall construction, roof construction, age of property and a property valuation range modelled by WhenFresh data scientists.
Where the proposed property valuation falls within the property valuation range, it is highly likely that the property is transacting at the correct value and that the lender is likely to be able to proceed with an automated valuation model (AVM) rather than a full valuation, reducing costs and speeding up the application process for the client.
Phil Bailey, sales director at Twenty7Tec, notes: “Advisers will find that this solution means that they are instantly able to access key data about a property, helping them quickly select the most appropriate lender for their client.”
“The valuation ranges provided by WhenFresh will also support advisers in understanding how realistic their clients are being on their assumed valuation, what the likely LTV for that loan is going to be and provide a strong indication of the extent to which the case is likely to pass easily via an AVM, as opposed to being referred for a physical survey.”
WhenFresh co-founder and chief executive officer Mark Cunningham adds: “Whilst we already supply data to many of the banks, it’s great to see that selected WhenFresh property data will, for the first time, be put in the hands of 1000s of mortgage brokers while they process live applications via the Twenty7Tec platform.”
“It’s exactly how WhenFresh property data should be used, in making the mortgage process faster, simpler and less expensive for all parties, so we’re delighted to be supporting James and the excellent Twenty7Tec team to fulfil their vision.”