Mortgage Market Sees Shift in Lending Landscape
The mortgage market is undergoing a significant transformation, with lenders and brokers adapting to changing consumer behaviors and technological advancements. In this article, we’ll explore the latest developments in the mortgage industry, including the partnership between Mutual Vision and Sikoia, and the expansion of Alternative Bridging Corporation’s underwriting team.
Mutual Vision and Sikoia Partner to Streamline Mortgage Process
Mutual Vision, a banking platform, has partnered with Sikoia, a provider of automated customer verification solutions, to reduce the administrative burden on brokers and borrowers. This collaboration will integrate Sikoia’s products into Mutual Vision’s offerings, providing lenders with access to a range of features, including automated processing of customer application documents, company credit bureau reports, and sanctions checks.
Sikoia’s AI-powered document process solution, launched in Q1, automates over 75% of labor-intensive tasks involved in handling documents supplied by customers. This enables users to automatically extract verified information covering affordability, income, and risk indicators from bank statements, payslips, and tax returns.
Mortgage application process
According to Alexis Rog, founder and CEO of Sikoia, “We are thrilled to be working with Mutual Vision. Customer verification and checks are a core part of the mortgage process, but for years have been a manual job for lenders to undertake. Our products leverage technology so that these tasks are carried out faster, more accurately, and more reliably, and the Mutual Vision partnership means that far greater numbers of lenders – and by extension their customers – will benefit.”
Alternative Bridging Corporation Expands Underwriting Team
Alternative Bridging Corporation has strengthened its underwriting team with the recruitment of Beata Szejna as underwriting assistant. Szejna previously worked as a mortgage executive and mortgage adviser at Barclays, and as a loan officer for London Mutual Credit Union.
Beata Szejna, Underwriting Assistant at Alternative Bridging Corporation
Szejna said, “I am thrilled to join Alternative Bridging and to work alongside such a talented team. My previous roles have prepared me well for this position, and I am eager to bring my expertise to the team and contribute to the lender’s continued success and growth.”
UK House Prices Rise Despite High Mortgage Rates
According to recent data, average house prices in the UK have risen to £266,604 in June 2024, up from £264,249 a month before. Despite high borrowing costs, the market is heading back towards all-time highs, although prices are still around 3% lower than the peak recorded in summer 2022.
UK house prices on the rise
Cash transactions are up by around 5% above pre-pandemic levels, while the total number of transactions is down by around 15% compared to 2019 levels. Transactions involving a mortgage are down by nearly 25%, according to Nationwide.
As the mortgage market continues to evolve, lenders and brokers must adapt to changing consumer behaviors and technological advancements. The partnership between Mutual Vision and Sikoia, and the expansion of Alternative Bridging Corporation’s underwriting team, are just a few examples of the innovative solutions being developed to streamline the mortgage process and improve customer experience.
