MBS Lending chose the Mast Platform as their broker portal to deliver a cutting edge digital experience for both lenders and brokers, increase operational efficiencies, and help grow the MBS Lending brand.
MBS Lending is a subsidiary of The Melton Building Society that specialises in offering mortgages to borrowers with more complex credit histories. Underwriting is manual, intensive and applications were received via PDFs.
The problem
In April 2020 Dan Atkinson, Head of Intermediaries explains, “we were looking for an application origination portal for our credit repair lending, which due to its complexities around lending criteria, had been difficult to obtain via our existing system provider. We wanted something modern and user friendly, that would provide us with more control over lending rules and the ability to quickly and easily effect changes when necessary.”
The solution
The Mast Platform stood out “as the system is capable of filtering out applications that would not meet our requirements in order to improve the quality, efficiency and conversion” of applications. Mast’s Policy and Product Engines allows MBS Lending to quickly react to the market and make changes to the platform without needing to write a single line of code. And brokers agree, describing the platform as “smooth”, “easy to navigate”, and “ahead of its time”.
“The onboarding process was slick and efficient and Mast were incredibly observant and attentive to our needs.”Dan Atkinson, Head of Intermediaries, Melton Building Society
Setting up
Mast was able to get MBS Lending up and running quickly. “The onboarding process was slick, efficient and Mast were incredibly observant and attentive to our needs and requirements.” Despite the specialist products, policies, and bespoke forms, Mast had the MBS Lending pilot portal up and running within 12 weeks. This also included custom work on affordability calculations and user management. “It was a pleasure to work with a provider that will go the extra mile to say yes.”
Once live, the impact was obvious. “Mast helped us to increase our application to completion conversion from 51% in 2021 when the process was paper based, to 73% in 2022. This has proved to be hugely valuable and has improved our internal efficiencies considerably.” Mast’s live policy prompts and bespoke packaging requirements helped remove more speculative applications earlier on and MBS Lending “are now able to focus on providing quality service and underwriting applications where we are much more likely to lend.”
Life with Mast
“It has been great to work in true partnership with Mast who really took the time to understand our business. We have been very impressed with Mast's responsiveness to our requirements and their passion to support our change agenda.”Simon Taylor, CEO, Melton Building Society
Collaboration with lenders doesn’t end on go-live day with Mast – it’s just the start. “The platform continues to go from strength to strength. Whether that be with improvements to both the broker and lender user journey, third party integration, sales data, product management, lending rules.” With regular check-ins, new functionality and user research calls, “Mast never rest on their laurels and are continuously working hard to improve every part of the system and to build on what is already an efficient, modern and intuitive platform.”
