OMS completes full integration with Selina Finance

One Mortgage System (OMS) has fully integrated with Selina Finance.

It will see OMS users benefit from a two-way DIP facility, which offers advisers direct access to Selina’s secured flexi-loan, without the need to rekey data.

Selina offers pre-approved credit facilities from £25,000 to £1m, where borrowers can draw and repay funds whenever they choose without incurring additional fees or penalties and only paying interest on the amount that is outstanding. 

After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional term loan for the remainder of the term.

Selina’s product can be used as both a term facility and a home equity line of credit, which can serve consumers with gradual funding needs (eg private school fees and large home renovations) as well as lump-sum funding needs.

This is the sixth platform OMS has integrated with, joining Iress, Twenty7Tec, Hometrack, iPipeline, and Knowledge Bank.

Through these partnerships, the end-to-end mortgage system — which covers bridging, commercial, BTL, equity release and other product areas — aims to provide users the best in class for criteria searching and sourcing offerings, AVMs and protection.

Neal Jannels, managing director at OMS, said: “Selina is one of the most exciting digital lenders operating in the intermediary marketplace and, with such a flexible and transparent approach to finance, I’m sure it will prove an interesting and unique proposition for our growing userbase. 

“There are many synergies between our respective businesses, and we’re looking forward to working closely and learning from such a forward thinking, technology-driven lender.”

Giles Caunter, VP of engineering at Selina, added: “It’s been a pleasure working with OMS; our new integration is a huge step forward for Selina’s proposition to brokers. 

“We look forward to working together on the next APIs and delivering new features across both platforms.”

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