Loan broker Y3S has launched a new version of its sourcing system in miLoanbroker.com V8 with the entire second charge market, buy-to-let and fixed rate loans.
The system enables brokers to make real-time to compare remortgaging with taking out a second charge top up product.
Users can save and retrieve their applications at any time and connect directly to their account manager.
Matt Cottle, Joint chief executive of Y3S, said: “Mortgage brokers want accurate information at their fingertips instantly; miLoanbroker.com has been delivering instant loan quotes to mortgage brokers for four years and in that time over £40m of loan completions originating purely from the web service have paid our users £1.5m in additional income.
“The new V8 system was developed to cope with a plethora of new products and increased demand for Y3S’s services from brokers, and I can tell you that it will only grow as we head toward and beyond implementation of the MCD.”
Cottle said he was inspired by competitors such as Brightstar, who are launching Easysource, a specialist sourcing system, in September.
He added: “Just a couple of years ago, many of our competitors were denouncing sourcing systems as unnecessary and a scourge to the industry.
“It’s very encouraging that key players are now getting their own systems out to market, as the realisation that investment in technology is not only essential to consistent growth, but also to speed of delivery and solid financial reporting in the face of regulation.
“I am glad that as a board, we took the expensive decision to start a long-term plan of technological innovation in late 2010 when the future of the second charge market was still very much in question.
“It was a risk, but it was calculated, and we now have many years of systems development, which has been beneficial to our brokers and set us apart from the competition. miLoan V8 is the result of everything we have learned.”