Origo, which develops e-commerce standards in financial
services, is to develop an XML-based standard for the mortgage
sector.
A group of 13 lenders, including Abbey, Nationwide and Portman
Building Society, has put up the funds to begin work on the
standard. It aims primarily to enable intermediaries who sell
mortgage products to communicate more seamlessly with multiple
lenders when scrutinising mortgage products on behalf of
clients.
The development of the standard will concentrate initially on
the first part of the mortgage application process, known as
gaining approval in principle.
Paul Pettitt, managing director at Origo, said the initiative
was prompted in part by the Financial Services Authority assuming
regulatory responsibility for mortgages in late 2004.
"With FSA regulation, mortgage lenders and intermediaries now
have to deliver standard information about their products. Agreeing
common e-commerce standards will help to support multiple channels
and enable intermediaries to move towards using a single system,"
he said.
Pettitt said those involved hoped to get a provisional standard
for the first part of the mortgage application process "nailed down
this month".