Leading Glasgow based fintech developer, Castlight has formed a
new strategic partnership with Equifax, the consumer and business insights
expert, launching the first real-time affordability platform to
support brokers and their clients with mortgage applications. The
system reduces the time taken to make a mortgage application to as
little as ten minutes.
The new technology will, for the first time, give consumers the
option to let brokers view their credit history, combined with a
summary of their spending behaviour. This detail enables
brokers to very quickly understand the financial position of both
new and existing borrowers. The information will be provided in the
form of an 'Affordability Passport' created by the mortgage
applicant in a secure, private portal.
Phil Grady, CEO of Castlight (pictured), said: "Equifax is a
forward thinking organisation committed to delivering robust
business insights, and is ideally placed to collaborate on our aim
to improve the financial application journey for consumers. This
platform significantly reduces the time it takes for the mortgage
process to be completed, and provides brokers with a framework to
give informed, detailed advice much earlier in the client
engagement process."
Headquartered in Atlanta, Equifax employs approximately
9,400 employees worldwide.