"We have access to this information, but we were never able to openly talk about it with the customer’s best interests in mind."
- Luke Calton, senior Product manager at Gen H
Gen H will now show mortgage brokers the details of their clients’ credit commitments if it finds discrepancies during the soft credit search when a broker submits a decision in principle.
Before, when an aspiring homeowner failed a credit check, mortgage brokers were left in the dark regarding what had been found on the credit file.
Gen H’s decision means that if differences are found between declared credit commitments and bureau records, and if these discrepancies impact affordability, brokers will be able to:
- See the type and amount of the credit commitment(s) limiting affordability,
- Exclude a commitment because it will be repaid before the loan starts, or because the value is incorrect,
- Share context with the underwriters for greater clarity and faster underwriting.
Luke Calton, senior Product manager at Gen H, said: “From first being conceived to final implementation, this feature took almost two years to release as we explored important data privacy questions. But in researching this with brokers, we saw how frustrating it was to encounter a "computer says no" experience with the credit file.
"We have access to this information, but we were never able to openly talk about it with the customer’s best interests in mind. I'm pleased that now, we can treat brokers like equals when it comes to the information we find on the credit report. This transparency is in the customer’s best interests, and I'm sure it will lead to a faster and smoother application process for all involved.”
Will Rice, CEO at Gen H, commented: “2024 is the year we’re doubling down on our relationships with our intermediary panel – and what better way than to ship market-first tools and innovations driven specifically by broker feedback? This launch was particularly complex as we were treading new ground in terms of data sharing and customer transparency, but if it helps our broker partners better serve their clients, it’s worth it. Our brokers should keep an eye out for many more exciting updates over the coming weeks and months.”
