Specialist mortgage lender Spring Finance has teamed up with software companies Optalitix and LendingMetrics to develop a technology-led origination system.
Optalitix Originate will provide Spring Finance’s mortgage origination platform, while LendingMetrics will develop an integrated decision engine.
This partnership will allow the lender to fully automate the decision in principle (DIP) and application process. It will use data from credit reference agencies, affordability models and other third parties to support its lending decision early in the application process.
The lender said the new platform would also allow brokers to seamlessly transfer customer data from their internal systems and reduce the need to re-key data.
Shelley Stern, director of mortgages at Spring Finance, said: “We are delighted to be partnering with Optalitix and LendingMetrics. This is a significant step forward for Spring Finance and complements the improvements we have introduced over the past 12 months.”
Stern said the systems would “enhance both the broker and customer experience by providing data-driven reliable decisions”.
Andrew Bloom (pictured), chief executive and owner of Spring, added: “Both Optalitix and LendingMetrics have extensive expertise within the mortgage industry and the delivery of these two systems will play a pivotal role in Spring’s growth plans.”
Alistair King, COO at Optalitix, said the firm was excited to provide its Originate platform to the specialist lender.
He added: “By integrating our platform with their decisioning platform, Spring will benefit from the full range of flexibility, intelligence and efficiency offered by Optalitix Originate. We look forward to being a key partner to Spring in their future growth journey.”
Neil Williams, CTO of LendingMetrics, added: “We are excited by our collaboration with Spring Finance. By integrating with LendingMetrics’ Auto Decision Platform, Spring Finance will be able to take advantage of efficient decision-making within milliseconds. We look forward to strengthening our relationship and achieving further success together in the future.”
Earlier this year, Spring Finance launched into development finance lending by establishing a dedicated division.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
