Firstsource Solutions Limited has today announced its partnership with Digilytics AI to launch a new buy-to-let (BTL) mortgage solution – ‘Mortgage Shared Services’. This offering aims to provide the UK BTL mortgage market with a comprehensive solution to streamline operations, improve efficiency, and reduce costs.
Commenting on the launch, Rajiv Malhotra, President of EMEA, Firstsource, said, “The UK buy-to-let mortgage market is facing a challenging period. Cost pressures, inefficient processing, and shifting volumes are disrupting lenders who are now looking for a solution. Our partnership with Digilytics provides a comprehensive solution to all these challenges. Our Mortgage Shared Services proposition includes features such as AI-document processing, multi-tenanted architecture, and the flexibility to provide services both onshore and offshore. The benefits will be wide-ranging, from significant reductions in the cost per mortgage application to improvements in lenders’ net promoter scores (NPS).”
Arindom Basu, CEO, Digilytics AI, said, “Partnering with Firstsource strikes a positive note in the buy-to-let mood music. Together we are providing a comprehensive mortgage service offering that improves broker experience, reduces costs, and enhances operational efficiency. Powered by innovative AI using our flagship product, Digilytics Revel, this offering is a compelling view of how buy-to-let mortgages will be originated and serviced going forward. We're thrilled to embark on this journey with Firstsource and pioneer a new era of excellence in mortgage services."
This comprehensive service for lenders streamlines all aspects of the mortgage process — from application intake to fund disbursement and account servicing. This eliminates the need for disjointed solutions and extensive internal resource management, effectively tackling the critical issues faced by lenders and unlocking substantial transformative benefits — through the following features:
- Intelligent Automation: Digilytics' RevEL automates manual tasks, such as document verification and income and affordability analysis, through artificial intelligence and machine learning. Moreover, it offers lenders system automation, fit for purpose process queues, and first-time right application packs. The removal of manual processes for tasks like mortgage applications, document verification, and third-party checks minimises inefficiencies, errors, and fraud risk.
- Improved Transparency: The solution provides a centralised platform for lenders to track the status of cases and communicate with brokers in real time. This delivers visibility – simplifying monitoring and reducing delays and inefficiencies.
- Shared Services: Firstsource's shared services team handles pre-processing and pre-underwriting tasks using Digilytics' automation software, RevEL. This overcomes the issue of mortgage brokers not always knowing the exact procedures and documents required by the lenders which leads to extreme back and forth causing application delays. It, therefore, delivers considerable time savings for lenders and allows for resources to be used optimally.
Beyond this, the solution offers various additional benefits:
- Multi-Tenanted Architecture with Robust Security: A secure, multi-tenanted infrastructure, with robust information security controls, ensures complete data privacy.
- Flexible Commercial Models: Lenders can choose from an all-inclusive cost-per-application model or a customized solution that fits their needs.
- Bring Your Own Process: Lenders can also leverage Firstsource and Digilytics’ expertise to configure workflows that seamlessly integrate with their existing systems and meet their specific requirements.
- On-Shore or Off-Shore Options: FCA-compliant, secure service locations are available within the UK as well as India and South Africa, delivering a cost advantage.
