Paradigm announces new partnership with Castlight Financial

Paradigm announces new partnership with Castlight Financial
We believe this is a major step forward for mortgage practitioners, and we are therefore incredibly pleased to be Castlight’s primary distribution partner

Paradigm Mortgage Services has announced a new strategic partnership with financial capability platform, Castlight Financial.

Castlight has recently launched its affordability passportTM proposition which is a real-time affordability platform designed to provide a full and clear picture of a client’s financial capability. Castlight worked with Equifax, the consumer and business insights experts, to launch the platform.  

The platform can provide clients with full disclosure on their current financial well-being, providing a transparent view of all their finances and credit history to share with their mortgage broker.

It is designed to help both brokers and lenders with mortgage applications and underwriting decisions, providing a summarised overview of the client’s spending behaviour, which should considerably reduce the time it takes to make a mortgage application.

The affordability passportTM will be created by the client in a secure and private portal, and then shared with the adviser, with the information able to be integrated into existing origination platforms.

Paradigm has linked up with Castlight and will be providing a soft launch of the proposition out to a limited number of member firms. As an ‘adoption partner’ Paradigm’s firms will then provide feedback, which will be integrated into the system, before a further rolling-out of the proposition.


Bob Hunt, Chief Executive of Paradigm Mortgage Services, had this to say: “Post-MMR the need to fully and truly understand a client’s financial situation and their ability to afford the mortgage has never been so great. Advisers, and lenders, using paper-based information and various agencies, can spend a large amount of time trying to review and understand a client’s bank and credit data; the market is crying out for a proposition that can offer a transparent view seamlessly and effectively. The affordability passportTM proposition provides that opportunity, delivering a ‘single view’ of the client’s finances, which can then be quickly plugged into both the adviser’s and the lender’s systems, providing an accurate picture, and ensuring much quicker sourcing and underwriting of the client’s mortgage.

We believe this is a major step forward for mortgage practitioners, and we are therefore incredibly pleased to be Castlight’s primary distribution partner. A select number of Paradigm firms will now begin using the system and we’ll be providing Castlight with their feedback before the next stage in the development is completed, and we begin to roll this out to more of our members. This has the capacity to radically alter the client’s, broker’s and lender’s mortgage application experience, to cut down on the delay and provide a far more structured and in-depth view of the attractiveness of the potential borrower. It’s something we are very supportive of and we’re looking forward to working with Castlight and hearing our member’s views on it.”

Phil Grady, CEO of Castlight Financial, said: “We are delighted to be working with Paradigm Mortgage Services to bring this product to the sector. Mortgage brokers have never had access to this depth of information about their customers before and we are confident this will enable them to write more business with the added confidence that all the information on their clients is delivered in real time. It’s our ambition to make the mortgage origination process no longer than 10 minutes and we believe working with Paradigm, this can now be delivered.”

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover 05 Oct 2017

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Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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