APAC Systems launches into the technology market to shake up the mortgage industry as we know it 15 July 2014, London
15 July 2014
A new IT platform has been created by APAC Systems to shake-up the industry as we know it and rival, if not overtake, the likes of Trigold and MortgageBrain.
A development in the making for over 10 years, the cloud based platform uses its unique APAC SmartForms® technology that combines the criteria and application questions of 128 lenders, creating the ultimate generic application form.
To build the technology, APAC Systems analysed every lender and product in the market to come up with 816 application questions, which have been filtered down to a number of essential questions that can be completed (if necessary) at any point through the sales lifecycle.
Live results are available after answering just a few basic questions showcasing the lender, product, monthly pay back, fees and total repayment. Looking at a screen similar to those found on more mainstream comparison sites, you can choose the preferred product, click apply and it will ask you for any missing lender specific questions. It’s as easy as one, two, three.
Wayne Smethurst, Director at APAC Systems commented: “The APAC SmartForms technology allows all the application forms to be in one system and it links everything together.”
Using traditional models an intermediary would capture the client information on one system, use a separate sourcing tool to find the best products and then start the application process via the lenders own systems. The beauty of the platform is it combines all 3 stages of the sales process – data collection, research and application – in the one place.
APAC Systems also eliminates the need to use different sourcing tools for different products as it covers everything from mortgages to bridging finance to secured loans.
Smethurst said: “I find it bizarre that market leading sourcing tools do not contain bridging or secured loans products. This is the equivalent of SatNav containing only 75% of the roads.”
The cascading nature of the software means that you only ever have to enter the same client information once no matter where the application ends up.
Smethurst commented: “Our system helps intermediaries find what’s best for the customer by checking their information against the whole of the industry as they go along. As a tool it provides everything they need a single application process with a compliant audit trail.”
Each company who wishes to sign up to use the software will have their own copy of it, branded to look like part of their IT, but it’s all the same system powered by APAC SmartForms® technology.
White labelled versions of the platform are currently being made available to packagers - Capital Advances, Solent Mortgage Services and TFC Homeloans - who will be using and testing it over the next three months. It will then be rolled out to other packagers, networks and large companies, followed by a full-scale launch later in the year.
Wayne added: “We have had people asking about this for months. It’s had a great response.
“For something that is housed in a nuclear bunker in the middle of the desert in Arizona, it’s going to be very popular.”
For further information or comment from Wayne Smethurst, please contact:
Lisa Turner
Head of Marketing
07718906887
lisa@apacsystems.co.uk
www.apacsystems.co.uk
