Press Release 30th November 2020
VIRGIN MONEY LAUNCHES INNOVATIVE PARTNERSHIP WITH TWENTY7TEC
- Integration between Virgin and Twenty7Tec’s APPLY module will be first of its kind for ‘top 10’ mortgage lender
- Offers intermediaries a new sense of efficiency and time saving from the fact find through to completion
- Partnership will drive innovation and change in the mortgage space
- Enables CloudTwenty7 users to manage more cases within a single platform
Virgin Money has announced its API integration with technology experts Twenty7tec. The partnership will streamline the search and application process for intermediaries by removing the need to re-key data in multiple places.
The integration will be the first of its kind from a top 10 lender. Users can not only apply for a Decision in Principle from Virgin via this integration, but also submit a full mortgage application and make payments without needing to visit the Virgin Money portal.
Available across residential and Buy to Let, for both purchase and remortgage customers, this partnership revolutionises the application process.
Intermediaries will also benefit from being able to view case tracking and case notes, which will deliver clear and consistent communication for them to manage cases and support their customers. It will also reduce the propensity for human error, therefore improving packaging and turnaround times for the intermediary and customer.
Initially the service will be made available to Connells and Mortgage Advice Bureau, before being rolled out to the wider market in early 2021.
Simon Wallace, Head of Mortgage Integration and Transformation at Virgin Money said: “At Virgin Money we have made no secret of our ambition to drive change and innovation in the mortgage market. This exciting partnership with Twenty7tec will play a key part in achieving that goal.
“The APPLY platform will make it even easier for intermediaries to submit cases to us, saving them precious time, which could be better spent on helping their next client. We’re proud to offer our intermediary partners an end to end proposition, allowing them to submit both Decisions in Principle and full applications to Virgin Money.”
James Tucker, CEO of Twenty7Tec, noted “Virgin Money has a great track record for innovating in the mortgage market and playing a huge role in delivering better customer service, so we’re over the moon to help them with this integration. As a result of this deal, Virgin Money Customers will experience a seamless experience from beginning to end – something which the Virgin brand is so closely allied with. We’re proud to be their partner in making the mortgage experience a little better for everyone involved.”
Ben Thompson, Deputy CEO of MAB added ““This is a really progressive step, that we thoroughly welcome. Simplification of the mortgage process is very much needed, even more so in the current environment. This integration helps MAB to further progress its own technology agenda, freeing up more time for advisers to focus on advice, and customers to have a more straightforward and less duplicated process.”
Adrian Scott, Group Mortgage Services Director of Connells concluded “It is great to see yet another lender go live with the excellent APPLY, and to see Virgin Money working so well with Twenty7Tec to deliver the full end to end journey for the broker, and customer. This will make writing business with Virgin Money far more efficient, which is always an attractive proposition for any broker, but particularly at this time when the market is so busy”.
Virgin Money Press Office
0800 066 5998
NOTES TO EDITORS
About Virgin Money
- Virgin Money is the new disruptive force in UK banking. Bringing together the combined history and expertise of Clydesdale Bank, Yorkshire Bank and Virgin Money, we are the only bank outside the ‘Big 5’ that boasts a genuine full-service personal and business banking capability.
- We serve 6.6 million customers across the UK through a digital-first approach that offers leading online and mobile services, supported by telephone and branch banking, including a national network of branches and business banking centres.
- We are structured around three divisions – personal, mortgages and business – offering a full range of products and services for consumers and small and medium sized businesses, delivered through our leading technology platform to deliver a consistently world class experience for customers.
- Our ambition is clear – to make Virgin Money a new force in consumer and business banking that will disrupt the status quo.