In the past year, Twenty7Tec has grown to become one of the largest providers of technology solutions to the mortgage intermediary community, securing some of the most prominent Networks in the country as users of both its MortgageSource and MortgageApply platforms.
User numbers of MortgageSource have grown by almost 4,000 to 10,000, with major Networks such as Tenet (With further announcements before year end) electing in 2018 to provide MortgageSource to their intermediary firms. Further, growth in the DA market has accelerated, with the likes of Alexander Hall, Key Solutions, and CMME electing to work with Twenty7Tec.
Functionality in MortgageSource was extended in 2018 to include the addition of Equity Release, Later Life Lending and Retirement Interest Only products alongside standard Residential mortgages, for the first time in a single sourcing system.
During the year, basic functionality in MortgageSource was extended to include a filter for Flying Freehold properties, a filter for ‘Allows Top Slicing’ for BTL sourcing, the addition of a filter for Sale of Property for Repayment Vehicle, a filter for ‘Live Work Unit’ under Holiday Let, the ability for users to configure their own lender panel, and completely control all True Cost calculations.
During 2018, Twenty7Tec completed integrations of MortgageSource and MortgageApply with multiple new CRM partners, including eKeeper, Intelliflo, and Smartr365.
Further, in MortgageApply Twenty7Tec built and launched an industry first, API driven application submission platform that is designed to seamlessly connect Lender and Intermediary systems. During 2018, Twenty7Tec onboarded 3 lenders to MortgageApply, with numerous others currently in the pipeline to go live.
These developments drove revenue growth for the business in 2018 of approximately 82% versus 2017, with projected growth for 2019 at a similar level. Further, the business remains profitable with EBITDA growing by 75% in 2018.
This success has been delivered by a team of less than 35 individuals, whilst the business remains not only profitable, but also cash flow generative – a rare occurrence for a relatively young technology business in the mortgage industry.