Digital mortgages reach new speeds as Molo adopts Experian’s Open Banking technology
UK, 11 February 2020 - Molo will be able to give their customers access to even faster and more secure buy-to-let mortgage lending after implementing Experian’s Open Banking technology.
The UK’s first fully digital mortgage lender has streamlined the traditionally painful mortgage process, granting near-instant decisions, along with fair, secure, direct-to-customer lending. No paper, no appointments, no middlemen and no months of waiting for a decision – just a fast, simple and fully online process.
Experian’s Open Banking service offers Molo’s customers the option to provide instantaneous digital verification of their income instead of having to search, save and upload documents – a process that can traditionally take weeks to turnaround. This enables people to obtain their mortgage far quicker and secure the property they want sooner.
The service uses Experian’s automated categorisation engine that allows Molo to quickly identify different types of income through the use of data analysis and machine learning.
This will prove particularly beneficial to customers with transient, or multiple sources of, income from more than one job, where sharing 12 months of bank statement data enables them to demonstrate the source of income and ability to fund their mortgage.
Francesa Carlesi, CEO at Molo, said: “We’re thrilled to be collaborating with Experian. It’s another great step forward in providing an ever better, faster, more personalised service for our customers, and we expect that this technology, in conjunction with our own, will lead to far greater personalisation in the not-too-distant future.”
Lisa Fretwell, Managing Director of Data Services at Experian, said: “The buy-to-let mortgage process is stressful enough without having the added pressure of gathering crucial documentation to help access affordability. It’s a hassle for the broker, lender and, most importantly, the homebuyer.
“Experian’s Open Banking solution helps to ease this pain, providing a seamless, digital alternative to the traditional paper-based model, helping enable a reduction in decision times and improved customer outcomes. We are delighted to be working alongside Molo to help move the mortgage process into the digital age.”
Since launching to market in 2018 in the buy-to-let sector, Molo has surpassed more than £250 million in applications, demonstrating a clear market demand for a faster, simpler, more transparent mortgage product.
Molo launched to market in November 2018 as the UK’s first fully digital mortgage lender, leveraging a proprietary tech platform to deliver a fully online, paperless, decisioning. Their initial product offering of buy-to-let mortgages for individuals has since grown to include multiple limited company products with residential mortgages expected to launch in 2020.
Their range includes buy-to-let purchase and remortgaging products open to first time buyers, first time landlords, limited companies (including multi-director), ex local authority properties and freelance buyers.
Learn more and get a Decision in Principle in minutes at molofinance.com
Read full article
Consumers surveyed in six APAC markets are most vulnerable to online fraud on social media sites, a new Experian report shows.Learn more
Experian is a company built on purpose. Every day we help people make the most of their data to improve their financial lives. This is what drives us.Learn more
APAC consumers continue to embrace online experiences as economies learn to co-exist with the pandemic, but businesses still need to improve their digital experience to retain consumer trust, Experian report…Learn more