“Our new integration is a big step forward for Selina’s proposal to brokers.”
The broker processing platform, One Mortgage System, has completed full integration with Selina Finance.
The integration will allow OMS users to benefit from a two-way DIP function that gives advisors direct access to Selina Finance’s secure “flexible loan” without having to re-enter data.
Selina Finance offers pre-approved credit facilities from £ 25,000 to £ 1million, where borrowers can withdraw and repay funds whenever they want, without incurring additional fees or penalties and paying only interest on the loan. unpaid amount. After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional term loan for the remainder of the term.
Selina’s product can be used as both a term loan and a “Home Equity Line of Credit” (HELOC), which can serve consumers with incremental financing needs (eg, private tuition, home renovations). housing) as well as lump sum financing needs.
WHO covers product areas such as housing, buy-lease, second load, equity release, transition, commercial and general insurance and protection. It has already integrated with five platforms – Iress, Twenty7Tec, Hometrack, iPipeline and Knowledge Bank – to provide users with product sourcing, AVMs, protection sourcing and search by criteria.
Neal Jannels, Director General of WHO, said: “Selina Finance is one of the most exciting digital lenders operating in the middle market and with such a flexible and transparent approach to finance, I am sure this will prove to be an interesting and unique proposition for our growing user base. There are many synergies between our respective businesses and we look forward to working closely and learning from such a forward thinking and technology driven lender.
Giles Caunter, Vice President of Engineering at Selina Finance, added: “It has been a pleasure working with OMS, and our new integration is a big step forward for Selina’s proposal to brokers. We look forward to working together on the next APIs and bringing new features to both platforms. “