1 in 4 brokers uses Y3S sourcing system

Launched in July last year, the system was designed specifically for brokers to get free, instant access to personalised secured and bridging loan quotes.  It has proved a big hit, with an average 300 new users registering each month.  Y3S predicts more than half of all brokers will have a user account by summer 2013.

miLoan allows brokers to quickly ascertain the viability of a secured loan or bridging loan without revealing their clients personal information.  If they don't like what they see they simply log off, but if they do find the information they need, they can push the application to the next stage where a dedicated Y3S account manager will then take over the process and move the case forward, leaving the user free to concentrate on their core business.

Director, Matt Cottle who developed the system from scratch with Y3S's IT department, says:

"At the heart of miLoan is a powerful underwriting engine that is constantly updated, is very easy to use and is presented in a slick browser.

"Until we launched miLoan, all that existed were clunky, outdated systems with poor user  interfaces", he continued. "We knew that if we got the format right we could develop a 'must have' tool free of charge for every mortgage broker and IFA in the UK; we spent around £150k on development, but now we have 600 brokers a month logging in who have created £270 million of quotes for their clients, generating £540k in revenues for Y3S to date."

According to Cottle, several potential partners have approached Y3S to consider implementing products that could prove useful for the large user base.

He said:

"We're open to all ideas and we're talking to people, but only if there is real added value for brokers; our users think miLoan's a great product, so we're taking our time to ensure we get it right".