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New IT helps society meet mortgage rules

Stroud and Swindon Building Society has rolled out a new mortgage application system to help it comply with industry regulations.

Stroud and Swindon Building Society has rolled out a new mortgage application system to help it comply with industry regulations.

The software from AttentiV systems, formerly Lynx Financial Systems, automates the work involved in processing a mortgage application from initial customer enquiry and quotation through to completion.

This ensures that the building society presents information to customers consistently across all its branches, as required under new regulations for mortgage providers from the Financial Services Authority.

The Mortgage Conduct of Business Compliance rules, which take effect from 1 November, will affect all firms that carry out regulated mortgage activity. They cover areas such as responsible lending, charges and selling standards.

Other benefits of the mortgage application system, which replaces an in-house system, include being able to process more mortgage applications with the same number of staff and an improved customer service.

Keith Henley, senior manager for business and IS at Stroud and Swindon, said. "The forthcoming mortgage regulation changes had necessitated a fresh look at our IT infrastructure. We decided that it would not be cost-effective to develop our existing system and we decided to standardise on AttentiV Systems products. It made sense to have a front-office system that was fully integrated with the AttentiV back office."

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