Industry Description
Our customer, LenderHive is a new mortgage-broker based in London. The company set to revolutionize the way mortgages are understood and applied for.
In the background, we collect whole of market data with respect to mortgages - a complex data structure that includes terms, fees and interest options. This is gathered nightly and prepared for using the next business day. Consumers reach the site and start a questionnaire process - taking them through a 3 minute journey to understand their situation. The end result of this is a recommended mortgage product, and a list of others to choose from.
The consumer then chooses whether they wish to continue with a decision in principle application. We start an information gathering journey that includes Identity Verification (Passport, Proof of Address), Bank Connectivity and Affordability Assessment, Work History and Payslip OCR Processing. At the end, the application is checked, signatures are collected and the application is submitted to the lender.
“The Take Off Labs team have approached a complex problem with tact and patience. After the first few milestones, we always had a beta version up and running while more components are added. Navigating the complexities of the banking world takes time, but the team have approached it all with the care that a mortgage application requires. Thank you!”
LenderHive - Web Platform Functionality
The following functionality is employed for the "digital age" mortgage broker:
Customizable Questionnaire
The user journey is set and customized in a rich admin panel that includes stages, question types, and integrations.
Mortgage Data
We sync the whole market data (30,000 mortgage products) and make them available for the next day.
Contract Signature
We automatically generate required documentation and provide signature integration via PandaDoc.
Identity Verification
In order to go forward with the application process, the end user verifies their identity and address (liveness checks, passport and proof of address).
Mortgage Filtering
Fixed or Variable / Capital Repayment or Interest Only / Flexible Payment Arrangements / Cashback, Offset, Portability - all these preferences are taken into account in our recommendation algorithm.
Live Chat
Customers often feel lost in this complex ecosystem - the LenderHive team is able to help with live chat and screen sharing, directly in the browser
Joint Applications
Common case with additional complexity - joint applications, where both partner's financials make up for the entire requirement set.
Mobile Friendly
Consumers explore mortgages on the go - mobile, tablet or desktop. All of these are supported in responsive views and the entire functional set.