HSBC has launched automated remortgaging using technology from LMS.
The lender says the change will speed up the process and reduce the need for brokers or borrowers to chase for updates.
LMS’s Decisioning and Automated Remortgage Technology (Dart) assesses each remortgage case and routes it either through a fully-automated journey or via a partially-automated journey.
Initially, HSBC will use the technology to automate remortgage the most clear-cut and low-risk cases, enabling conveyancers to spend more time on more complex scenarios.
For eligible cases, the companies say that automation will provide borrowers with greater certainty over costs and timelines at an earlier stage.
Borrowers can expect an earlier decision on whether additional legal work is required, which should result in a less stressful process.
HSBC UK head of mortgages Oli O’Donoghue says: “We are pleased to be the first lender to adopt LMS’s automated technology, providing borrowers with a smooth route to completing their remortgage.
“Across the mortgage industry we are seeing a determined effort to speed up processes for borrowers, whether they’re a first-time buyer, moving home, or simply remortgaging.
“HSBC is committed to playing its part, whether that be adopting new technologies like Dart digitising simple processes, or removing duplication.”
LMS chief relationship officer Suzanne O’Connor says: “Having worked with HSBC UK for many years, it is great to be welcoming them as the first live lender to utilise case automation through Dart.
“Remortgage cases can be time consuming and labour intensive, which often creates uncertainty for everyone involved.
“Dart was designed to change that – by minimising manual intervention and giving customers clarity from the very start of the journey.”
