Credit Kudos to power digital mortgage app for Koodoo

By Megha Bhattacharya

UK-based digital mortgage platform Koodoo has selected credit reference agency Credit Kudos as its Open Banking provider. The partnership is expected to facilitate the provision of a better end-to-end digital mortgage journey. Koodoo will utilise Credit Kudos’ platform for implementing Open Banking technology for ensuring a better app experience.

Seb McDermott, co-founder & CEO of Koodoo, commented, “Mortgage lending is changing for the better. With the help of Credit Kudos’ technology, lenders and aggregators will be able to integrate Open Banking throughout the entire mortgage application journey, ultimately making it more seamless for both lenders and borrowers. Open Banking technology will be a game changer for our sector and help even more people buy their dream home.”

“The current unprecedented economic circumstances have severely altered the mortgage landscape. Many people have seen their income fluctuate as a result of the COVID-19 pandemic, making it increasingly difficult for mortgage lenders to rely on traditional credit bureau data to assess affordability. Open Banking data can help lenders better understand a borrower’s financial situation, going beyond traditional credit scoring to analyse real-time bank transaction data on incomings and outgoings.”

Koodoo works with over 40% of the UK mortgage lending market and powers the mortgage categories for 45% of the UK price comparison market to connect homeowners with their next mortgage.

Credit Kudos stated that its analysis and insights will offer lenders with an up-to-date picture of a borrower’s financial health and help lenders to reduce application times while providing a better customer experience. Leveraging Open Banking technology is also expected to simplify the entire mortgage application process.

Freddy Kelly, co-founder and CEO of Credit Kudos, added, “Our partnership with Koodoo will help a growing number of lenders and aggregators better assess incoming mortgage applications and improve customer service. Through Open Banking we can offer lenders a far better picture of an individual’s financial situation, enabling borrowers to access more bespoke and tailored products.”