UK-based digital buy-to-let lender Molo has announced signing up to Experian’s open banking platform.
Through Experian’s platform, Molo will be able to access open banking technology that will allow it to build up a picture of a borrower’s financial habits. By accessing bank statement information, lenders can assess income and expenditure using transactional data.
The software can also help lenders to identify different types of earnings which is useful for borrowers who have multiple sources of income from more than one job. By sharing 12 months of bank statement data, borrowers can demonstrate their ability to fund their mortgage.
The lender said, the technology will enable it to grant a Decision in Principle in minutes and a completed application can be reviewed within 24 hours.
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