UK’s Nationwide Building Society has entered into a partnership with MoneySuperMarket in a bid to allow borrowers to attain a decision in principle (DIP) directly through the comparison site.
Henry Jordan, Director of Mortgages at Nationwide Building Society, said, “Many consumers use comparison sites to source new financial deals, including when shopping around for a new mortgage. Our innovation with MoneySuperMarket means that remortgage borrowers can now get an instant decision in principle directly from the site rather than having to separately come to the Society.
Nationwide states that the new API will equip borrowers with a soft-footprint DIP directly through the MoneySuperMarket website, thus allowing them to get an instant decision on their eligibility. The APIs are expected to send the data, filled in by the borrowers, to Nationwide’s systems for facilitating eligibility decisions.
Emma Harvey, Product & Customer Experience Director at MoneySuperMarket, said, “We want to make comparing mortgages as easy as possible for customers and are working towards having a service whereby people can compare, find a product and go on to complete their mortgage – all on our site. This is an important development for us and means for the first time, customers can get an integrated Decision in Principle from a price comparison website. We look forward to working with Nationwide and our partners Podium further to extend our offering and help even more customers find the right mortgage deal.”
Recently, Glasgow-based provider of financial controls and regulatory reporting software solutions, AutoRek announced a partnership with Nationwide for the provision of cloud-based financial controls and data management platform for an initial period of three years with the option of a two-year extension.
By Megha Bhattacharya
Megha is a Market Analyst at IBS Intelligence.