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United Trust Bank
OpenStatements
Proposal
Prepared By Luke Saint
Lending Score
Private & Confidential
Dear United Trust Bank,
We are focused on making the document part of the mortgage process quicker, better and more secure. Our mission is to reduce the number of documents you ask for and the time spent chasing them, by making it easier for consumers to share their data digitally. By enabling you to obtain data instantly we can empower you to make better decisions, faster.
Our system has been built for the mortgage market and does not require complex changes to existing systems or processes, but instead utilises the established process of accepting filtered bank statements to evidence certain incomes and outgoings.
Thank you for expressing your interest in collaborating with us. This proposal will provide you with insights into our capabilities and how we can be of assistance.
Many Thanks,
Luke Saint
Founder
Statements & documents
In order to verify income and outgoings, most lenders will usually ask for a variety of documents. Frequently, time is spent chasing and waiting for this information and as a result, offers are delayed, underwriters' time is wasted, and originating costs are increased.
Online statements, like bank statemens can be difficult to download in the correct format, especially on mobile devices
Paper statements are frequently lost or shredded. Replacements take time to arrive
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Not everyone has a scanner. Photographs of documents can be unclear, take time to piece together and miss key details
Reduce hassle and wasted time. Instantly and securely verify a person's income or outgoings with data directly from their bank.
Data provided by
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How it works
By working with Equifax and Consent.online, you can access your customer’s information directly from their bank account, instantly. Allowing you to make better decisions faster.
Customer Journey
Takes less than 2 minutes
Win-Win Broker/Lender
Built for the mortage market
In the intermediary mortgage market brokers will obtain documents on behalf of a lender but also for their own compliance and to give advice. Often, a mortgage can only be arranged with the help of both lenders and brokers.
This is why we built a system that sticks to this principle and allows both parties secure access to the information they need. With a win/win approach, brokers can satisfy their requirements, but also continue to package and check an application is affordable and within criteria. In this way, both lender and broker have access to the same information from the same source. This can be difficult to do accurately with a lender-only solution where the information is not visible to the broker.
How it works - Brokers
Brokers are an integral part of the document process, below is an overview of how it works for them.
01 Notification
Brokers are notified when their customer has securely shared their information
Jun - Sep 2023
How it works - Lenders
Option 1 - OpenStatements
A broker produces PDF statements, tailored to meet your criteria. They are uploaded to your systems in the normal way. There is no need to make any changes to existing systems or processes.
Option 2 - Portal
With our portal, you can view the information you need to make a decision faster. You are in complete control of how you use it and what statements are created.
OpenStatements
vs. Bank Statement - Example
Filtered Statements
Filter categorised transactions paid in or out of bank accounts, including salary, benefits, rent, pension income, mortgage payments, DMPs, direct debits, and standing orders.
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StepChange takes on average 3 weeks to produce a DMP statement. With Lending Score, you can check the payment history in two clicks
Data provided by
UTB Portal
This portal is designed to provide a user-friendly interface for accessing the information you need to make a decision fast. It offers complete flexibility, allowing you to customise the information you get according to your specific needs and preferences.
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Price
Option 1 - OpenStatements from brokers
A broker produces PDF statements, tailored to meet your criteria. They are uploaded to your systems in the normal way. There is no need to make any changes to existing systems or processes.
Cost: Free
Option 2 - UTB portal
This will allow brokers to securely share the customer's bank transaction with you from their broker portals. A tripartite agreement will be signed.
OpenStatements
Volume Price Per Bank Connection ID
0 - 5000 £1.42 £0.08
5001 - 10,000 £1.28 £0.06
10,001 - 20,000 £1.09 £0.05
20,001 plus £0.96 £0.04
Minimum contract - 12 months
Portal one off set up cost - £5,000
Option 3 - UTB portal & Direct link
Everything included in option 2, plus your own Openbanking journey that can be used without the reliance on brokers, or directly from your current UTB broker portal.
OpenStatements
Volume Price Per Bank Connection ID
0 - 5000 £1.42 £0.08
5001 - 10,000 £1.28 £0.06
10,001 - 20,000 £1.09 £0.05
20,001 plus £0.96 £0.04
Minimum contract - 24 months
Portal one off set up cost - £8,000
Minimum financial commitment- £2,000 per month