10 Minute Turnaround For Tuna…And Mortgages

Jamie Oliver’s bestselling 30 Minute Meals book was published in 2010. Two years later his 15 Minute Meals book knocked JK Rowling’s new novel off the bestseller top spot. And last year his 5 Ingredients, quick and easy food was a favourite stocking filler. This latest speeded-up offering reduced the number of items to shop for to 5 and gave us the recipe for delivering Seared Sesame Tuna to the plate in just 10 minutes.

As a society we are speeding up and Jamie Oliver recognises this. He knows that we want good things, quality things – but we want them faster.

Speed Is Success

And of course he’s not the only one. All sorts of industries are speeding up to to deliver ever-faster results and products to meet the demand of the ever-faster pace of life. Same-day delivery services, instant results on cost comparison websites, no-wait taxis and full seasons of TV shows streamed in seconds. We are all busy, pressed for time and wanting the quality products and services we need and want – delivered fast.

Why Wait For A Mortgage?

And that’s why Castlight Financial’s deployment of transformative technology to deliver a 10 minute mortgage is shaking up the industry. An average consultation with a mortgage broker in order to secure a loan is around three hours. 180 minutes is an increasingly big ask to make of a customer when the average person expects to have cooked 18 of Jamie Oliver’s meals in that time.

Customers simply don’t want and can’t afford to take 3 hours out of their day to sort out a mortgage any more.

Our Ten Minute Mortgage

And they don’t have to as we are are currently rolling out our Affordability Passport to major banks and brokers across the UK, using open banking technology to provide a platform for prospective borrowers to share their transactional data in real time with a lender, eliminating the need to trawl through bank statements and payslips to review discretionary and non-discretionary spending. Lenders don’t need to see any paperwork at all as the Affordability Passport will tell the whole story of a prospective borrower’s earnings and expenditure, categorised into over 150 categories. It will also allow lenders and brokers to comply, at the touch of a button, with the requirements of current and emerging industry regulations.

The customer’s categorised transactional information is then merged with credit performance data to reveal the borrower’s ability to afford a mortgage – the Affordability Passport.

A New Way Of Working

For individual brokers and networks, the Affordability Passport technology opens up a whole new way of doing business. Improved accuracy, improved compliance, improved efficiency – and ultimately improved customer relationships as brokers are empowered to deliver what customers want – a faster mortgage process.

And by the way, if you’re tempted by Jamie Oliver’s recipe for Seared Sesame Tuna – I can recommend it!