Equiniti Pancredit has today announced the launch of Broker Client, an automated secured loan sourcing solution for large brokers that promises to dramatically raise the efficiency of their operations.

Broker Client automates many of today’s manual underwriting processes, enabling financial advisers (FAs) at large brokerages and IFA networks to initiate greater numbers of secured loan applications than ever before. In just a few seconds, Broker Client also compares an applicant’s lending profile to their firm’s entire portfolio of available loans, something that, until now, has been practically impossible for brokers and FAs operating in large organisations to achieve.

The net result is a significant streamlining of the entire secured loan application process, from the initial client assessment to the final loan confirmation. The client is matched the most appropriate and affordable product for their circumstances, the broker is able to demonstrate responsible lending while eliminating costly and time consuming paperwork, and the lender receives higher quality loan applications, which are far more likely to be confirmed a result.

Delivered as a cloud-based service, Broker Client enables brokers to filter client profiles and quickly identify cases where intervention is likely to be needed, enhancing their resource allocation decision making.

The system also produces a set of notes against each lender rejection maintaining a clear and auditable application trail automatically.

Graham Donald, Managing Director of Equiniti Pancredit comments: “Broker Client helps everyone in the secured loan market make the best possible decisions. Our system enables secured loan brokers to validate the creditworthiness of their clients and match them with the best available products almost instantaneously.”

The product, acting as a filtering tool, begins with an identity check or ‘pre-search’ based on the broker’s predefined criteria. Then, based on the results, it performs a more thorough public search sourcing the applicant’s credit history, for example, County Court Judgements (CCJs), or any existing debt and claims of bankruptcy. During the final stage, Broker Client uses this profile to determine which secured loan products the applicant will qualify for according to specific criteria of each product and lender.

“With this technology the entire underwriting process can take place in a matter of minutes, instead of hours or even days,” adds Graham. “Automating the application process for ‘black and white’ cases will free up underwriters’ time to focus their efforts on less straightforward applications.”

Underpinning the technology is Equiniti Pancredit’s MADE software. MADE is a multi-agency decision engine which sources data from Equifax, Callcredit and Experian and combines this with records from the Core Pancredit database to provide an intelligent decision making system.

Equiniti Pancredit, part of the Equiniti Group, is a provider of intelligent software solutions for banks, lenders, intermediaries and price comparison sites and offers a full end-to-end loan book management solution, from origination to collection. Its software helps organisations champion responsible lending, raise organisational efficiency, cut costs and enhance the service experience of end-users.