The UK’s largest cloud-based mortgage and savings technology provider, finova, today announces the launch of Intermediary Manager – a data management application that helps lenders better onboard and manages broker relationships.

For lenders, onboarding brokers can be a messy process using spreadsheets and disparate tools to run various due diligence checks. The manual process is prone to human error, often leading to delays and frustration for brokers who want to submit mortgage applications quickly. For brokers, onboarding with each lender can be a repetitive process, often needing to be repeated if they move firms.

Intermediary Manager resolves these issues, providing a configurable workflow to streamline the onboarding process for both lenders and brokers. The system can automatically share welcome packs or request necessary ID and due diligence documents at relevant times for a smooth process with all data held in one place.

To help lenders better manage broker relationships, the system offers Business Development Managers (BDMs) an out-of-the-box, but deeply flexible, system to store details of their key account, notes from visits, and create tasks or schedule appointments through an integrated calendar. The platform provides performance data and KPI tracking, and even allows the capture of softer facts such as brokers’ favourite cuisine or football team, to further enhance engagement.

Key highlights of the platform include:

·         Automation – lenders can automate key communication, such as bulk emails and SMSs, to communicate regular announcements such as criteria changes, product withdrawals and product launches

·         Due diligence – lenders can use the integrated FCA search, companies house, ICO, fraud, Peps & Sanctions and other common checks to access all due diligence data in one place

·         Flexibility – lenders can tailor the platform to align with their business objectives, whether that’s targeting either high value or high potential brokerages

·         Improves broker engagement – incoming BDMs can use Intermediary Manager to source existing knowledge and data on individual brokers, in order to maintain productive intermediary relationships

Intermediary Manager will also support marketing efforts by helping to capture broker attention and communicate what they stand for and the type of business they accept. It provides the tools to effectively communicate new product launches, product withdrawals, criteria changes and other such regular announcements easily.

David Bennett, Commercial Director at finova, comments:

“Our goal is to boost business submission to lenders by helping them prioritise, onboard, and engage with brokers.

“We noticed the opportunity when a major high street lender came knocking, looking for software to solve their problems with poor broker management. We are delighted to readily offer a solution, which we have now trialled with a number of lenders.

“The early impact of streamlining onboarding and improving broker engagement has been great to see, and we are looking forward to working with many more lenders and helping them up their game in broker management.”

Kathy Bowes, Intermediary Manager at The Cambridge Building Society said:

“Intermediary Manager has allowed us to have a joined-up approach to manage ongoing relationships with intermediaries from initial registration. Real-time data adds another layer enabling business levels to be viewed at individual, firm or network level which supports conversations about future potential business. The project team were there all the way to support the implementation and provided training to ensure we were fully aware of how the system worked and could be used.”