Start Mortgages is in the business of lending, specifically in what is defined as the ‘specialist mortgage’ sector. Since launching in Ireland in 2004, Start Mortgages, a subsidiary of leading UK lending company, Kensington plc, has established itself as the leader in this niche sector in Ireland. With healthy ambitions for the future of its business, Start viewed the creation of an efficient and effective software solution to be employed by their broker network, as key to the delivery of the company’s projected growth.
As Dermot Nutley chief operations officer, Start Mortgages explained, "we have a very focused approach within the mortgage sector, lending to those who, for a variety of reasons find themselves disenfranchised, by being refused mortgages from the traditional high street banks and building societies. Reasons for this might include past arrears, low income levels, inconsistent earnings, being self-employed etc."
The way Start Mortgages operates is through the Irish mortgage broker network. "When we appointed Ergo, our brief to them was to provide us with a technology solution which allowed us do business efficiently with our end users, but also with our brokers. Our main priority was for Ergo to create a solution which allowed us streamline applications, for speedy response," said Nutley.
Marc Murphy, Sales Director with Ergo Software Solutions explained, "in response we created a web-based system to allow mortgage brokers interact electronically with Start Mortgages. The system is made up of a number of components, including a ‘Calculator\Quotation’ engine, allowing the broker to perform calculations across all Start Mortgages products as well giving the client multiple quotations from Start's product range."
The ‘Application Capture’ component facilitates full online mortgage application capture, which ensures straight through processing on the Start Mortgages underwriting system. Meanwhile, the ‘Mortgage Tracker’ tracks mortgages in real time, directly from the Start Mortgages underwriting system. So, if Start underwriters make comments on cases or request further information and documents on cases this information is populated immediately on the broker system.
The Ergo solution also provides a full suite of management reports to the broker, thus allowing them to manage their sales pipeline effectively. Also, any required document from Start mortgages is available to the broker for download from the broker site. The final component is an easy to use Frequently Asked Question section, to ensure ease of use for brokers.
Dermot Nutley reports that the system is proving hugely successful. "It allows our brokers to track every application, or offer of pay out, what’s required to get it to pay out stage and it allows them to send us applications electronically which in turn speeds up the process, eliminates much of the paper work and makes turnaround time faster. Our own staff use the system as well as brokers, which means we have a seamless view of the entire process."
Nutley confirmed, "we have invested somewhere in the region of €750,000 in the project, which we believe represents good value, given the projected return and we are delighted with the partnership approach adopted by the Ergo team, who have been instrumental in helping us get to market."