Fintech newcomer uno spruiks a different mortgage sales experience
The latest entrant into the mortgage market has combined the features of a comparison site and a brokerage to deliver what it claims will be "a new era in property finance."uno has a website that invites borrowers to list their home loan requirements and creates a list of options. It then offers to connect the borrower with an uno "expert" to assess the products on the list.The uno platform allows a borrower to complete the entire mortgage application process online. At its launch last week uno had 18 lenders on its panel.uno founder and chief executive Vincent Turner said the business included some improvements to both the comparison site model and the broker model.Turner said: "Comparison site results are compromised because they promote products that have paid to be there."And comparison sites quote advertised rates. We give a real rate, taking into account package offers, discounts, LVR loadings and so on. Our platform takes the customer's data and tells them how much it will actually cost them."When it comes to the "experts", uno does not pass lenders' commissions to its brokers.Price said the company was trying to move away from a commission driven sales culture.Turner's background is in software development. In 2000 he founded Pisces Communication, which developed an enterprise mortgage platform that was sold to a number of Australian lenders.