Paradigm Mortgage Services is to offer Foundation Home Loans’ residential products via Castlight Financial.
The new partnership is being offered on a pilot basis and will allow Paradigm brokers to process Foundation’s specialist residential mortgage cases through software company Castlight using its ‘Affordability Passport’ system.
Using Open Banking, the technology speeds up administration processes and allows brokers to avoid collating documents such as bank statements.
As part of the pilot, Foundation’s residential products will be available to Paradigm brokers with a discounted arrangement fee on its F1 and F2 products, for those with no adverse credit within the last 36 months and those with no CCJs or mortgage arrears within the last two years respectively.
Foundation Home Loans commercial director Andrew Ferguson says: “With the pace of development and opportunity Open Banking delivers, we are adopting Castlight’s new technology to innovate the way we support client cases.
“Castlight’s system has proven easy to use and upholds our pragmatic and straight-forward approach. We are confident the exclusive offer will prove invaluable to brokers and clients, facilitating faster decision-making and removing the need to chase bank statements. Thanks to our working partnership with Paradigm Mortgage Services, we expect more lenders and distributors to follow suit.”
Paradigm head of mortgages John Coffield says: “We believe this cutting-edge technology from Castlight will create greater efficiencies and ultimately speed up the mortgage application process for clients and intermediaries alike. Technology remains a common buzz word in the industry, and at Paradigm we are committed to offering advisers access to technology that will benefit both them and their clients.”
Castlight Financial chief operating officer Martin Leonard says: “Our Affordability Passport is technology that keeps intermediaries at the heart of the process and allows them to manage their business in the most efficient manner. By accessing transactional and credit data in real time, the customer has a great experience and the lenders get the data required to make more informed, faster decisions”
To access the new technology, brokers should use Foundation’s portal and select the residential option. Once all screens have been completed access to Castlight Financial’s Affordability Passport will be granted.
