The Intermediary – May 2025 - Flipbook - Page 15
S E C O N D C H A RG E
In focus
Strong and secure
Real progress has been made in the second
charge market to streamline and improve the
borrower experience.
Vaughan says: “One of the biggest changes has
been the introduction of advanced ID verification.
FROM PAPERWORK
Customers can now confirm who they are quickly
TO PORTALS
and securely, without uploading documents
or waiting for manual checks. We also adopted
DocuSign early on, so there’s no need for paper
FIONA HOYLE IS DIRECTOR
forms or back-and-forths in the post.”
OF CONSUMER AND
Tech-driven lenders push others to innovate,
MORTGAGE FINANCE AND
increasing competition and strengthening the
INCLUSION AT THE FLA
market in the long run. Through all of this,
though, cybersecurity is critical.
Lau says: “At Norton, maintaining borrower
trust is not only a compliance obligation – it’s a
core part of the company’s ethos.
“With technical safeguards, regulatory
compliance and secure partnerships, we’re
building a digital environment where borrowers
can engage with confidence.”
OMS also takes cybersecurity and data
privacy extremely seriously, being ISO 27001
The past five years have seen the use of
technology reshaping how the second change mortgage market
operates and supports its growth.
New portals are making case tracking simpler and more
collaborative, and the use of API-powered property valuations
have improved efficiency.
Digital ID checks – incorporating AI to verify documents –
certified, with a multi-layered security framework,
and the extensive use of electronic signatures are improving the
continuous monitoring and penetration testing
customer experience.
every six months.
For what has been a lesser known product,
ensuring watertight compliance and security
is key to building trust and reliability among
borrowers and brokers.
Borrowers increasingly want to interact with lenders and
brokers in ways that suit their preferences – whether that’s
through apps, websites or via a phone call.
The sector has a strong focus on using technology to deliver
good customer outcomes.
Vaughan says: “Being a digital-first lender
means security and privacy are essential. We’ve
built robust protections into our tech stack,
including encryption, multi-factor authentication
and access controls.
“We also have clear policies in place for GDPR,
covering everything from data consent to how
long we retain customer information.”
Jannels adds: “In a climate where cyber threats
are evolving, a proactive approach to security
ensures that both borrower data and business
operations remain protected – reinforcing
confidence in the digital mortgage process.”
There is clearly a confidence in tech among
those in the second charge market, but there
is little evidence that this will become an
automated market any time soon.
In fact, much of the tech advancement available
in seconds centres on freeing up time to tackle
the elements that need a human touch.
Vaughan says: “Brokers can quote and submit
cases to Selina without ever leaving their existing
systems. It’s about fitting into the broker’s day-today, not the other way round.”
Human expertise
Stern says: “While technology helps streamline
Robust cybersecurity and compliance, as well as
the journey, we know it can’t answer everything.
streamlined applications and decision-making,
Lending isn’t one-size-fits-all – especially for self-
set a high standardin this market, but challenges
employed clients, or those with complex credit
do persist.
Lau explains: “The challenge is keeping up
with regulatory changes whilst pushing for
histories. The tech is there to speed things up.
The people are there to get it done right.”
With attention so strongly focused on high-
innovation, but our tech gives us the flexibility to
level technological developments in every corner
adapt quickly.”
of the property finance market, from handling
Vaughan adds: “As we continue to refine our
client information to making brokers’ lives
platform, we’re sticking to a secure-by-design
easier, there is little doubt that the second
approach, making sure every tool we launch is
charge mortgage market is poised for
built with privacy and compliance in mind.”
significant growth.
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