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Do you expect to see less or more second charge mortgage lenders in 2018?

Equiniti Pancredit to launch new outsourced servicing solutions

Robin Oldfield

Equiniti Pancredit is set to welcome a number of new clients during the remainder of the year as it prepares to launch new tailored, outsourced servicing solutions.

Loan Talk caught up with Robin Oldfield, general manager of Equiniti Pancredit (pictured above), to discuss the company’s upcoming plans, discover more about his role and find out further details about the future of the financial technology industry.

Robin stated that as Equiniti had grown through strategic acquisition – including the takeover of Gateway2Finance – every component of its servicing proposition had been developed by dedicated firms.

“This model enables us to provide our clients with the niche quality of service expected of a specialist, but delivered as a complete outsourced solution. 

“We’re bringing on board some exciting new clients in 2017, and launching new tailored, outsourced servicing solutions for some major financial services organisations.

“We will also be providing an array of added value solutions to our clients from other businesses within the Equiniti’s EQ Digital division, from know your customer to data and cyber security and biometrics.”

Robin joined Equiniti in March 2014 and he has seen consistent year-on-year growth.

As for his role, Robin stated that he had built upon the successful solutions, product, team and reputation already achieved in the UK market. 

Robin added that he was committed to building robust foundations in three key areas:  

1.    Continue to develop our brand and reputation in the UK market  
2.    Hire the best people with extensive knowledge of the lending industry
3.    Build on best practice in operations and delivery.

“Right now, that means integrating a strategic new acquisition into the business and making sure that we are driving innovation into our solutions.”

‘Sourcing systems available now are vastly superior to those available in the past’

Robin has seen the use of technology in the mortgage sector advance rapidly and sourcing systems are now vastly superior. 

“A major driver has been the regulatory climate. 

“With increased regulation and a renewed focus on Treating Customers Fairly (TCF), lenders and brokers are upgrading to sourcing systems that integrate governance, audit and reporting. 

“This allows them to clearly demonstrate responsible lending practices and FCA compliance with regards to the achievement of good customer outcomes.”

Despite the rise in sourcing systems, Robin felt there was still a role for new entrants. 

“Technology plays a crucial role here, as new entrants need to adopt best-of-breed solutions to help streamline and automate processes, support better credit decisioning and assist in regulatory reporting and compliance.”

Robin felt the best sourcing systems required access to the broadest lending panel possible and the ability to both effectively integrate with third-party databases to check credit scores and perform intelligent analysis on all data collected.

“This produces accurate affordability assessments, matching applicants with loan products that are suited to their financial circumstances and that they are more likely to be accepted for. 

“It may seem like I’m asking for a lot here, but that’s exactly what Equiniti Pancredit’s new solution provides – so for me, everything else falls short. 

“By providing access to more data, we create a better experience for client and customer, and minimise customer exposure to unnecessary credit checks which could affect their credit score.”

‘The second charge mortgage sector has remained static’

Robin saw a move towards applying technology that evolved in the unsecured sector to secured loans as an area where there was a gap in the market.

“Intelligent decisioning platforms have focused on shorter-term borrowers until now, but we are seeing an increase in lenders seeking platforms that can provide intelligent analysis of mortgage applications within seconds.  

“Additionally, the second charge mortgage sector has remained static since the regulatory move from the CONC (Consumer Credit Sourcebook) to the MCOB (Mortgage Conduct of Business) regime within the FCA, due in part to a lack of product knowledge and access to lenders. 

“This could be combated with access to an independent sourcing system that includes all second charge mortgage lenders, as it would enable intermediaries to confidently and competently advise on products.”

Robin finished by calling for more education to explain sourcing systems to brokers.

“First, many sourcing systems do not access enough data sets to be accurate enough, and second, they conduct hard credit checks too early in the process, leaving a footprint on the consumer’s credit history before they have even formally applied for a loan. 

“This is unethical because it misleads lenders – a series of marks on a consumer’s history may act as a danger sign that they are desperate or high risk, when they may just be shopping around. 

“This can lead to the cost of the loan increasing. 

“As such, brokers and lenders need educating on the impact this practice can have on consumers.”

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