Target Group has enhanced its award-winning Mortgage Hub originations platform with real-time transaction data from Atto, a leading provider of credit risk solutions.
Atto, which rebranded earlier this year from DirectID, is working with Target Group to provide real-time open banking information and deliver instant insights into the financial behaviours of borrowers. The partnership will enable lenders to make informed decisions much faster, helping to speed up and simplify the mortgage process for consumers and brokers too.
Real-time insights and historical transaction data allows lenders to build an accurate risk profile for each individual. Meanwhile, new data sources such as rental payment history increase the customer pool and create opportunities for more first-time buyers or single individuals returning to the market.
With Atto now fully embedded and providing access to its open banking information, Mortgage Hub continues to speed up its originations processes. The integrated and modular Mortgage Hub system can reduce the time between application and offer, with a decision in principle available in as little as 20 seconds.
Atto’s input into Mortgage Hub will continue to improve the overall experience for all parties involved in the mortgage process. Replacing traditional processes with data-driven decision making is reducing the reliance on outdated and inefficient practices which have contributed to the notoriously slow mortgage originations of the past.
Amy Morgan, Communications and Marketing Business Partner at Target Group, said: “Joining forces with Atto means we can harness its market-leading open banking data and technology which will help to significantly speed up the mortgage process. Open banking allows lenders to do more business and faster, as well as understand marginal customers who may not be served by the current model. Given our shared ethos, Atto is an excellent fit for Target and for Mortgage Hub.”
Clare McCaffery, CCO at Atto adds: “Open banking and transactional data plays a critical role in driving better decision making and delivering greater efficiencies across the entire mortgage process. Atto is at the forefront of adoption and we’re proud to be working with Target. Mortgage Hub is set to revolutionise the way that lenders and brokers place a mortgage and we are excited to be part of supporting its continued evolution.”
