UK mortgage lender Molo has chosen Experian’s Open Banking solution to offer customers quicker and safer access to buy-to-let mortgages.
Molo, a fully digital mortgage lender, will use Experian’s platform to streamline what it calls the “traditionally painful” mortgage process. It is planning to grant near-instant decisions with completed application reviews within 24 hours.
The service is also currently used by a variety of lenders including Skipton Building Society. It will allow Molo to quickly identify different types of income through the use of data analysis and machine learning.
Molo said this will prove particularly beneficial to customers with transient or multiple sources of income from more than one job. Customers can share 12 months of bank statement data, allowing them to demonstrate the source of income and ability to fund their mortgage.
“We’re thrilled to be collaborating with Experian,” Francesa Carlesi, chief executive officer at Molo, said. “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.”
Since launching in 2018, Molo has surpassed more than £250m in applications, with its initial buy-to-let product range for individuals growing to include multiple limited company products. The lender expects to launch a broader suite of residential mortgages later in 2020.
Lisa Fretwell, managing director of data services at Experian, said the buy-to-let mortgage process can be stressful enough for brokers, lenders and homebuyers without the added pressure of gathering crucial documentation to access affordability.
“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,” she added.