Mortgage Introducer’s Mortgage Tech Series features Q&As with businesses that aim to revolutionise the property market by integrating technology to create an optimised solution.
In this installment, we spoke to Neal Jannels (pictured), managing director of One Mortgage System (OMS), to discuss the reason for creating OMS, the future of mortgage tech and how the market’s attitude has changed towards technology.
One Mortgage System (OMS) covers all lending types including residential, buy-to-let, second charges, bridging and equity release and has a full back-end compliance function with integrated suitability letters, terms of business, document signing and traffic light system for determining if the file meets internal compliance standards.
The system is fully cloud based and has a built-in internal email system to contact clients/brokers with fully customisable workflows and tasks, along with a full client portal, accessible via an App with ID checking and Open Banking. Clients can drag and drop documents and OMS will also track product end dates and will email brokers and clients when the end date is looming, which can be tailored to the brokers requirements.
OMS provides a completely connected client and broker journey from lead to post and cross-sales. By integrating with key partners to provide the essential services required by brokers to serve their clients best, OMS truly provides the only all-in-one system.
We’ve run our own brokerage and specialist distribution business for over 25 years and realised that we had to take steps to embrace technology to improve our efficiency and maximise potential revenue streams. We initially looked for a system or solution to help us achieve this, but the truth is that we couldn’t find anything suitable so we started developing our own.
As the system took shape, we quickly realised its vast potential. We deliberated long and hard about whether we should keep it to ourselves or commercialise it. We eventually decided on the latter and our decision has been proved correct as three years since our launch, we now have over 5,000 registered users.
The platform has transitioned into the only end-to-end CRM solution for brokers which includes a full fact-find, criteria and product sourcing via Knowledge Bank, Iress, Twenty7Tec and iPipeline respectively. It also includes access to AVMs, credit searching and full two-way integrations with a host of lenders, the latest being United Trust Bank and Oplo.
Knock-on effects from the Covid-19 pandemic have obviously accelerated a digital shift for many businesses and consumers. There is little doubt that will develop at speed, and we will continue to see more integrations and affiliations between tech providers to create an offering which can include a host of tools and solutions which intermediaries can utilise at will.
We realise how important it is to evolve and adapt with our users to ensure we can support their business needs now and in the future. This is a complex process as intermediary firms are dealing with not only how the tech revolution is impacting their business but also their clients.
Having a front-end consumer friendly system which allows advisers to capture enquires directly from their websites and successfully feed these through to their CRM system will become even important. And intermediary firms who can build relevant, personalised, and connected experiences to meet the ever-changing needs of a new generation of borrowers will certainly be the ones which stand out from the adviser crowd going forward.
Comments from new users like LDNfinance saying things like as soon as they spoke to us they knew they had found their match and that OMS is a bespoke mortgage platform created for mortgage experts by mortgage experts mean a huge amount and these principles are core to our development and growth plans.
It’s important for OMS to continue developing the type of solutions which our users demand and ones which can make a real difference to their business. Our intention has always been to provide a system which works and grows with a company. Consistently adding value and offering solutions which are changeable depending upon the user remain key components in this quest.
We have a queue of firms keen to integrate their tech into the system and these will provide additional functionality for our users helping them manage customers, increase revenue and refine processes. The key for us is to prioritise those who will deliver the most benefit to our users.
The last year has seen an increase of over 200% in completions being processed on the system and 2021 shows no signs of slowing down in terms of the adoption of the system across the mortgage intermediary sector, so we are really excited about 2021 and beyond.
