One form for home loan applications
A new e-commerce standard that allows consumers to complete only one form when shopping for home mortgages is expected to make home loans cheaper. The process, developed by the Lending Industry XML Initiative (Lixi), will initially be available through mortgage brokers. However, Lixi chairman, Robert Wagstaff, said that he hopes the system could be available across the industry by the end of 2002.
The new standard will mean that customers’ applications for home mortgages can be shared between lenders. Previously, each lender that a customer approached would require a separate loan application.