Vida unveils ‘switching portal’ for product transfers

ByRichard C. Sloan

Jul 5, 2021

The specialty mortgage lender said this was one of many new initiatives it will roll out over the coming months as it continues to innovate and provide brokers and their clients with solutions to complex mortgage needs.

Indeed, he said product transfers have been a real lifeline for brokers over the past 15 months and remain on the rise, with more brokers involved, rather than clients dealing directly with the lender. .

Vida said the challenge for brokers had always been that legacy systems weren’t designed for broker-led product transfers and therefore could be clunky, with a lot of manual intervention required – something that would end up nibbling away. the broker’s time.

Richard Tugwell, Director of Mortgage Distribution at Vida, said: “As a leading lending specialist in the market, we are committed to making our processes as simple as possible, offering a wide range of options to our clients. brokers.

“The increase in product transfers is expected to continue, so the launch of our best product switching portal means brokers will be able to complete the product transfer journey in under 15 minutes with everything completed in. line.

“We worked closely with our channel partners to design a bespoke process based on the knowledge and experience they gained using existing lender systems and therefore were able to create a simple process that gives them exactly what they need. “

Vida said the Intermediate Product Change Portal is a fully digital solution that provides tailor-made product solutions and can be organized with 15 simple clicks and under 15 minutes.

As client needs become more complex, specialty loans are becoming more common and Vida recognizes that these product transfers need to be easily handled by brokers and fully understood by the client.

After receiving overwhelmingly positive feedback from brokers and clients during its pilot program, Vida is now able to offer the Intermediate Product Change Portal to all brokers.

In recognition of the time and effort intermediaries spend in maintaining their relationships with customers, Vida will pay a supply fee of 0.30% on each product change made.

Peter Busby of PFB Financial Planning said: “I have been supporting Vida for some time and when they discussed whether to participate in the portal tests I jumped at the chance.

“It’s one of the simplest and easiest systems to use, which makes the product change process very quick and easy to perform. Vida is always looking to develop its products and services, provide what I need for my clients, and help me grow my business.

The Intermediate Product Switching Portal uses cutting edge technology accessible on a desktop computer, tablet or mobile phone.

There is a simple and one-time registration process, then the broker is able to enter their client’s details, before the portal performs a real-time eligibility check and displays product transfer options. available.

Throughout the acceptance process, the system also emails the customer a copy of the offer and other supporting documents for their records. Fees can be added to the loan, or they can be paid by the customer over a secure system.

With the Product Change Portal being the first of a number of new initiatives to launch, Vida will continue to work closely with its intermediary partners to constantly improve its proposition and in doing so help intermediaries to build more lasting relationships. with their clients.


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