In recent years, we have witnessed the advent of a variety of Internet technologies which allow businesses to automate and digitize a great deal of their work. The mortgage field, like every other field, has been impacted, and many companies and startups have risen to the task of creating platforms to move the processes of lending, comparing, brokering, notarizing, and receiving mortgage loans online. Here are some companies doing this in Ireland.
Yes.ie is an online automated loan broker. They facilitate mortgage and other property loans along with life and property insurance and pensions. They are regulated by the Central Bank, and have agencies with Avant Money and other major companies. Yes.ie allows borrowers to file loan requests or switch loans at their own pace, without any pressure from salespeople or closing time.
Mortgage Brain Ireland is an established player in the Irish mortgage brokerage industry. A 2003 expansion of the UK-based company Mortgage Brain, they focus on products for mortgage brokers to present loan options to borrowers. They are integrated with many lenders in Ireland to offer mortgage quotations and compliance. Lendex, Mortgage Brain’s most recent release, is meant to provide brokers with an audit trail for compliance with standards for loan applications to lenders. In addition, Mortgage Brain released a scheme to sell up to 50% of their stock to Irish brokers in order to encourage e-trading, beginning in January 2021.
Onlineapplication.ie is a mortgage document processor which facilitates the mortgage process for borrowers, brokers, and lenders. It holds all documents in one place for the different parties to fill out the transaction efficiently and quickly. Onlineapplication.ie is a very new startup, formed only this year. Unlike Mortgage Brain Ireland, which focuses primarily on intermediates like brokers and legislators, Onlineapplication.ie has packages for all sides of the transaction, including the borrowers and the lenders.
To conclude, there are a number of technology companies in Ireland revolutionizing different aspects of the mortgage market for brokers, borrowers, and lenders. These companies bring the process of filing a loan to the Internet, often with greater speed and lower default rates than traditional mortgage methods. Many of them are already some of the largest businesses in the mortgage industry; after the “remote work” revolution of the pandemic response, these companies and companies like them are likely to increase their market share in Ireland and elsewhere, as formerly paper-dominated industries change to using remote methods of reporting and filing.