Smartr365 adopts Experian's Affordability passport

Through Smartr365’s HomeBuyer app, Experian’s Affordability Passport will give users access to a single view of income, expenditure, and financial behaviour, with Experian-branded bank statements. The integration will enable advisers to swiftly confirm a customer’s affordability as part of their overall mortgage application.

The solution will allow customers to consent, connect and share their financial information, including bank transactions and credit report data, with their broker through a simple digital journey.

The digital verification of affordability, credit, and identity in the same journey provides relevant information to advisers that can be reviewed in advance of mortgage appointments with the customer, freeing up time for advisers.

Selected lenders will also accept information through the HomeBuyer app as a digital alternative to the traditional paper-based proof model, enabling a reduction in re-keying of data, errors arising from missing documents, and reduced decision times.

Paul Speirs, MD of digital consumer information at Experian, said: “This is the latest step in this ground-breaking partnership to help move the mortgage process into the digital age. By incorporating Experian’s open banking technology into Smartr365’s Homebuyer app, we are not only creating a much smoother digital journey for advisers and lenders, but importantly, removing some of the obstacles that have traditionally slowed down homebuyers getting the keys to their new property. I’m excited to see where this partnership can go.”

Conor Murphy, CEO at Smartr365, said: “Everything we do at Smartr365 is geared towards the creation of a completely frictionless mortgage process. With one recent HomeBuyer user completing their entire application from their phone in New York, well outside of UK business hours, this integration goes further to achieving our aims of ensuring the mortgage process can be completed from anywhere at any time.

“In addition, this new integration of Experian’s open banking technology will ensure brokers have more time to provide valuable advice at a time when buyers are needing more guidance than ever, which will alleviate some of the stress for everyone involved. We’re very excited by this next step in our partnership with Experian and look forward to seeing the benefits this brings to the industry.”