Specialist mortgage lender Paragon has joined forces with eTech – the property data, analytics and solutions provider – to roll out eTech’s web-based workflow management system.
Paragon aims to streamline and simplify the mortgage application process for portfolio landlords in the buy-to-let sector.
The eTech workflow system provides intermediaries and lenders with a simplified application submission platform to meet PRA underwriting standards for landlords with large-scale property portfolios.
Intermediaries who use the eTech system can import landlord data easily from multiple spreadsheets. Data is then verified automatically and converted into a Paragon-specific template prior to submission.
Property details including preliminary valuation information and achievable rent are independently verified using online sources.
Current EPC ratings are also displayed against each property in a portfolio and automatically updated via the EPC register.
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John Heron, managing director of mortgages at Paragon, said: “Technology is set to revolutionise the mortgage industry and this is a perfect example of a web-based application being deployed to streamline a complex process.
“The new PRA standards rightly call for comprehensive underwriting of portfolio landlords but this can make the application process cumbersome and slow.
“The eTech system provides a single data entry point for intermediaries and lenders, as well as online verification of key information, taking away the need for multiple data input and manual checking.”
Mark Blackwell, COO at eTech, said: “Our Buy-to-Let Hub will simplify the administration burden for lenders and intermediaries surrounding mortgage applications for portfolio landlords, which has come about as a result of more comprehensive underwriting standards laid down by the PRA.”