Hyarchis’ answer to MCD requirement: full digitisation of the mortgage process25/07/2016
Transparency, fully digital, collaboration: key words for new mortgage processes
Hyarchis will be supporting intermediaries in the mortgage market with the full digitisation of the mortgage process using its Hyarchis Mortgage Solution. This process starts with the initial advice and information gathering and continues right through to the execution of the deed. Since all stakeholders, from consumer to intermediary and mortgage lender, can work in the same system, the solution promotes transparency and allows for fully digital collaboration. The Hyarchis Mortgage Solution is a cloud-based system that communicates exclusively using the HDN protocol of the Dutch mortgage cooperative association Hypotheken Data Netwerk, enabling a fast time-to-market.
Mortgage Credit Directive
In the market, Hyarchis has been seeing an increasing demand for making mortgage processes digital, fast and transparent. One of the main reasons for this is the Mortgage Credit Directive (MCD), a European directive that, for one thing, stipulates that there can be no binding mortgage offer as long as the offer is subject to conditions. As a result, mortgage lenders will need to be able to gather the necessary consumer-related documents as quickly as possible so they can get an optimum picture of the home buyer and make an offer that is not under a condition precedent. If this process takes too long or is not transparent enough, the consumer is likely to opt for a rival mortgage lender. So a system that facilitates fully digital and transparent collaboration is key.
Andre van der Doelen, CEO and founder of Hyarchis: “We are positioned right in the centre of the mortgage market and can see better than anyone else the challenges businesses in this sector face these days. We have an excellent track record when it comes to supporting digital processes in the back office. From this position, the Hyarchis Mortgage Solution, mainly aimed at supporting the mid office, is the logical next step. And with the MCD bearing down on the sector, right now is the perfect time for us to help our customers further with a well-equipped and well-configured mid office.”
This press release was issued on 25 July 2016.