YTS says its account information services can help verify income, speed up identity confirmation, and customer onboarding by pulling in structured data and help with credit decisions based on transaction activity. Yolt’s categorisation of transaction activity, in particular, is 96% accurate and will lead to better decisions on credit-worthiness and affordability. Another advantage of the technology is that prospective homebuyers retain control of their own data.
While the reality of Open Banking-powered mortgages is getting closer, we still have yet to see a mainstream lender adopt the technology as part of its process. In 2019 specialist mortgage lender Bluestone Mortgages piloted and later rolled out open banking-powered mortgages with the help of Experian, which could only be accessed through its panel of advisors.
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