Open Banking trial by L&C Mortgages and Leeds Building Society for expediting the mortgage application process
In a groundbreaking move, Leeds Building Society and L&C Mortgages have collaborated to revolutionise the mortgage application process using Open Banking technology provided by Experian. This innovative approach is already proving to be a game-changer, offering a faster, more efficient, and customer-centric experience.
The collaboration allows clients of L&C Mortgages to provide access to their financial records, eliminating the need for submitting bank statements manually. This streamlined process reduces paperwork, increases efficiency, and improves accuracy by providing lenders with up-to-date and accurate financial data directly.
Open Banking also enhances the customer experience by reducing the need for clients to manually provide documents. Instead, clients can provide consent digitally, ensuring a more secure and transparent process. The integration of Open Banking speeds up the mortgage application process for both brokers and customers, making life easier for all parties involved.
The pilot scheme has enjoyed strong take-up from L&C Mortgages' customers, with James O'Reilly, head of intermediary partnerships at Leeds Building Society, stating that it has reduced steps in the mortgage application and made life easier for brokers and their clients. David Hollingworth, associate director at L&C Mortgages, has expressed delight about the successful pilot of the innovative new approach.
Lucas Lopes, chief product officer, consumer information services & verifications, Experian UK&I, has stated that Open Banking is transforming mortgage applications by replacing manual, time-consuming processes with real-time data insights. Leeds Building Society is looking forward to taking the learnings from this pilot forward with more of their intermediary partners and expanding their use of automation.
Experian is eager to build on the early results of this pilot to bring even greater value to consumers in the mortgage application process. The UK government plans to enable data sharing in the homebuying process, indicating a positive outlook for the future of digital mortgage applications.
Through their partnerships with L&C Mortgages and Experian, Leeds Building Society has demonstrated how new technology and close collaboration can deliver meaningful differences to the mortgage journey. L&C Mortgages is committed to removing pain points and blockers for clients, and the timesaving option offered by this approach is expected to be welcomed by a growing number of customers. The process has become a routine procedure in applications between Leeds and L&C, saving time for brokers and clients alike.
In conclusion, the collaboration between Leeds Building Society, L&C Mortgages, and Experian's Open Banking platform is a significant step forward in digitalizing the mortgage application process. It delivers more tailored, transparent, and inclusive financial solutions through the use of real-time data insights, offering a brighter future for homebuyers and mortgage applicants.
- The collaboration between Leeds Building Society, L&C Mortgages, and Experian's Open Banking platform is revolutionizing the mortgage application process, offering a faster, more efficient, and customer-centric experience.
- Open Banking technology eliminates the need for submitting bank statements manually, providing lenders with up-to-date and accurate financial data directly.
- Through this collaboration, clients can provide consent digitally, ensuring a more secure and transparent process in the mortgage application.
- Leeds Building Society is looking to expand their use of automation, learning from the pilot with L&C Mortgages and expecting to partner with more intermediary partners in the future.
- Experian is eager to bring even greater value to consumers, looking to build on the early results of this pilot and advance the digital mortgage application process.
- The UK government plans to enable data sharing in the homebuying process, indicating a positive outlook for the future of digital mortgage applications and the wider adoption of Open Banking in the business of finance and technology.
