Mortgage industry's first industry-wide database aims to improve efficiency

by Julia Corderoy25 Nov 2014
A new database aims to transform the mortgage industry's methods of collecting and disseminating lender and product data by being the first industry-wide, collaborative data platform.

Eric Handbury, founder of LPCentral, said the industry’s current methods are inefficient and error-prone.

“Too many resources, too many inaccuracies and too many inefficiencies plague the current state of lender/product data. A new system is needed where the entire industry can use and maintain a single database of accurate and timely data. There is simply no competitive advantage for anyone to maintain their own lender/product data,” he said.

Handbury says that in addition to the benefits of a single industry-wide database, LPCentral also allows users to create their own processes associated with their data to perform automated actions, such as update web-pages and documents, email interested parties, and update any internal or external systems. 

“The real power of LPCentral is the industry-wide efficiencies and benefits which result from a more collaborative, simpler, and more process-driven approach to lender/product data. I look forward to working with each lender, funder, aggregator, broker group, and software vendor to lock-in these benefits,” Handbury said.

 

COMMENTS

  • by Ed Ridge 25/11/2014 9:06:52 AM

    This has been attempted before and could not get any traction with the lenders. I wish Mr Handbury all the best but if the last person couldn't do it with private equity firms, CBA, Challenger etc behind her, I can't see it happening. Google LPCentral and see what you get, talk about coming from behind, this is an ad for an idea nothing more at this stage.

  • by Incognito 25/11/2014 10:35:57 AM

    Sounds a bit like brokerpedia, which works well for me.

    Maybe they should speak to each other

  • by oldBroker 25/11/2014 10:55:55 AM

    Link is http://www.lpcentral.net