miLoan completes £10m of loans in a year

Approximately 30% of UK mortgage brokerages now have at least one user account.  The company says that more brokers logged into miLoan during July than ever before requesting over 1000 quotes, an increase of 23% on the previous month.

Y3S expects miLoan to contribute £1.5 million of completions to the business in August as a direct result of July’s increased quote activity.

Secured loan completions in July that were generated directly through the sourcing system reached £753,000 and a £110,000 bridging loan also completed, a total of 22 cases, with users receiving an average commission of £1268.  The total of loans completed through the miLoan bridging module has reached £2.72m since its release in the spring of this year.

“There has been a lot of negative talk about sourcing systems this year, about mostly from industry people who have never attempted to understand or build one”, commented Commercial Director Matt Cottle. 

By investing in the development of innovative new technologies for the industry, Y3S is witnessing a prominent shift in the way that brokers are searching for loans for their clients.  It’s no surprise in this day and age that brokers want fast, accurate loan quotes 24 hours a day on their desktops, tablets and smart phones.”