UK-based mortgage platform LendInvest and Open Banking provider DirectID have formed a partnership to improve credit decisioning in the property finance market.
DirectID extracts data such as credit scores, affordability, and income to help inform organisations’ credit and risk decisions.
LendInvest offers short-term, buy-to-let and homeowner mortgages and is backed by JP Morgan, HSBC, Citigroup and NAB.
Through the new partnership, LendInvest and DirectID will streamling the lending process in property finance.
DirectID reported that switching to DirectID has enabled it to simplify income verification and deposit funds and credit risk with the assistance of DirectID’s insights.
Will Maciver, customer success manager at DirectID, said that DirectID’s expertise in Open Banking data for credit and risk decisions works alongside LendInvest’s technology-driven mortgage platform.
“This partnership heralds a new era of credit assessment and enhances our efficiency in property finance.”
Maciver added: “By incorporating DirectID’s insights, LendInvest gains a competitive advantage, streamlining lending decisions with a more comprehensive view of customer financial profiles.”
In February this year, DirectID received a minority investment of €9 million from Ingka Investments, which is part of Ingka Group, the largest IKEA retailer, to help fund the expansion of its credit risk offering.
Since then, DirectID has partnered with Faciit, which offers an alternative lending solution to individuals without a UK credit history.