HSBC has launched automated remortgaging using technology from its LMS.
The lender says the change will speed up the process and reduce the need for brokers or borrowers to check for updates.
The LMS’s automated decision-making and remortgage technology (Dart) evaluates each remortgage case and routes it through either a fully automated or a partially automated journey.
Initially, HSBC will use the technology to automate remortgaging in the most straightforward, low-risk cases, enabling conveyancers to spend more time on more complex scenarios.
For eligible cases, the companies say automation will provide borrowers with greater certainty about costs and timelines at an earlier stage.
Borrowers can expect an early decision on whether additional legal work is needed, which will result in a less stressful process.
Ollie O’Donoghue, Head of Mortgages at HSBC UK, says: “We are delighted to be the first lender to adopt automated LMS technology, providing borrowers with a seamless route to completing their mortgage remortgage.
“Across the mortgage industry, we are seeing aggressive efforts to speed up processes for borrowers, whether they are first-time buyers, moving home, or simply remortgaging.
“HSBC is committed to doing its part, whether that is adopting new technologies such as Dart to digitize simple processes, or removing duplication.”
“Having worked with HSBC in the UK for many years, it is great to welcome them as the first live lender to use case automation through Dart,” says Susan O’Connor, Chief Relationship Officer at LMS.
“Remortgage cases can be time-consuming and labor-intensive, often creating uncertainty for everyone involved.
“Dart is designed to change that – by reducing manual intervention and giving customers clarity from the beginning of the journey.”
