Efficiency in the mortgage industry is set to improve with the launching of a new database that will aim to transform its methods of collecting and disseminating lender and product data.
The database will be the first industry-wide collaborative data platform.
Eric Handbury is the founder of LPCentral and he told Brokernews.com that the industry’s current methods are inefficient and error-prone.
“Too many resources, too many inaccuracies and too many inefficiencies plague the current state of lender/product data,” he said.
“A new system is needed where the entire industry can use and maintain a single database of accurate and timely data.”
“There is simply no competitive advantage for anyone to maintain their own lender/product data,” he said.
Not only brandishing the benefits of being a single industry-wide database, LPCentral also allows its users to create their own processes related to their own data, which can perform automated actions such as webpage updates, emails and system updates.
“The real power of LPCentral is the industry-wide efficiencies and benefits which result from a more collaborative, simpler, and more process-driven approach to lender/product data,” said Mr Handbury.