Mansfield Building Society taps DirectID to streamline mortgage processes

Nottinghamshire’s Mansfield Building Society has partnered with open banking platform DirectID to enable mortgage applicants to securely provide their bank statements online.

Mansfield Partners with DirectID to Simplify Mortgage Processing

Potential borrowers can agree to allow banks to speed up the process of verifying income and expenses during the mortgage application process and share statements online with the Mortgage Association.

Richard Crisp, director of commercial development at the Mansfield Building Society, said the new online service is a “safe and convenient way” for borrowers to provide their bank statements.

Mortgage applicants can now log into online banking via DirectID and have limited access to the Mortgage Society, eliminating the need for brokers to obtain PDFs or paper bank statements.

Building societies are also using robotics to handle data transfers between systems rather than relying on processors to re-key information. Employees are now free to spend more time on “quality customer contact,” Mansfield said.