Property lending platform LendInvest has partnered with credit reference agency Credit Kudos to enhance its credit checking process using open banking.
The partnership will allow brokers and other customers to access a more secure service, while allowing LendInvest to make more informed lending decisions. It will also speed up the underwriting assessment process, with LendInvest claiming that it has already seen a 50 per cent reduction in assessment times.
“Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service,” said Arman Tahmassebi, chief operating officer at LendInvest.
Read more: Open banking boosts pandemic lending
“Although we have been using open banking for two years, this new partnership with a like-minded fintech has allowed us to take it to the next level and really reap the benefits of the technology.
“The greater insights are empowering us to make better informed, faster lending decisions to more people. We have been particularly impressed with the seamless integration of Credit Kudos into our system – the new dashboard is highly intuitive and it’s already helping us serve more customers.”
Credit Kudos’ technology is fully integrated within LendInvest’s application process for buy-to-let mortgages, and will be rolled out within additional services in the near future.
In a blog post on the company’s website last month, LendInvest’s chief executive Rod Lockhart highlighted the platform’s commitment to technology-led solutions, which has endured throughout the pandemic.
“Thanks to our cloud-based infrastructure, the business was able to transition somewhat seamlessly to remote working overnight, and remain open for business throughout lockdown,” he said.
“Not only did this prove vital for our existing customers, but also provided support for new borrowers at a time of great uncertainty. We proved ourselves adaptable, and I thank the entire LendInvest team for continuing to adapt to the ever evolving landscape.”