The integration will see OMS users benefit from a two-way Decision in Principle (DIP) facility which offers direct access to Selina Finance’s secured ‘flexi-loan’ without the need to rekey data.
Selina Finance offers pre-approved credit facilities from £25,000 to £1m, where borrowers can draw and repay funds whenever they choose, without incurring additional fees or penalties and only paying interest on the amount that is outstanding.
OMS is an end-to-end mortgage system which covers product areas such as residential, buy-to-let (BTL), second charge, equity release, bridging and commercial, plus general insurance and protection.
It has already integrated with five platforms – Iress, Twenty7Tec, Hometrack, iPipeline and Knowledge Bank – to provide users with product sourcing, automated valuation models (AVMs), protection sourcing and criteria searching.
Neal Jannels, managing director of OMS, said: “Selina Finance is one of the most exciting digital lenders operating in the intermediary marketplace and with such a flexible and transparent approach to finance, I’m sure it will prove an interesting and unique proposition for our growing userbase.
“There are many synergies between our respective businesses and we’re looking forward to working closely and learning from such a forward-thinking, technology driven lender.”
Giles Caunter, VP engineering at Selina Finance, added: “It’s been a pleasure working with OMS, and our new integration is a huge step forward for Selina’s proposition to brokers.
“We look forward to working together on the next APIs and delivering new features across both platforms.”
