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BijBouwe, headquartered in Amsterdam, is a company of Dynamic Credit, which provides clients with online mortgages without the interference of a bank. Dynamic Credit, which actually consists of a group of companies, delivers innovative asset management and direct lending. The money for the mortgages comes from Dutch institutional investors. Dynamic Credit believes that an economy with a better match between savings and credit leads to a more prosperous society. Senior software engineer at Dynamic Credit Andrei Croitoriu works on several Dynamic Credit projects, but for the last two years his main focus has been on the bijBouwe project. He discusses the cooperation between bijBouwe and TJIP, two of the platform engineers. TJIP is a company that transforms every business into a ‘platform business’ and by doing so impacts the lives of many workers.

BijBouwe is a platform made up of two channels, explains Croitoriu: “If a client wants to get a mortgage for his/her house, he/she can get it via two channels; the traditional way, via an independent mortgage advisor, for instance Hypotheek Visie in the Netherlands, or, the online channel. BijBouwe has both channels incorporated into its business model.” He continues: “I’m involved in a component that was used by both channels, but TJIP is only involved in providing a component for the advising channel.”

The process

To explain where TJIP gets involved in bijBouwe’s process, he provides an example: “If you want to get a mortgage, you go to an advisor. Most advisors use their own piece of software. This is their own component on their computer that will make a request for the client who wants a mortgage. If the client wants the request to reach BijBouwe, it will go through the following process. The request comes in via Hypotheken Data Netwerk (HDN), the protocol for mortgages in the Netherlands and travels to the bijBouwe end point. This is where the TJIP comes in, using Ensemble. It picks up the request and puts it through the rating and allocation engine, which was built in-house by Dynamic Credit. This engine then analyzes the request based on the income, assets and the amount of the requested mortgage.”

He continues: “The rating is important. For example, if you want to borrow 500,000 euros, but you have a low income you are considered a high risk and get a higher rate or may not get an offer at all. Or, if you want to borrow the entire amount, but don’t bring in any of your own money, you receive a higher rate as well. This is based on the Loan To Value (LTV) according to the rates we display on the bijbouwe website. It works the same as borrowing from a bank, but in this case the money comes from the investors of bijBouwe.” The rating will determine if you get a mortgage: yes or no. The allocation of the engine makes sure the amount of money that will be borrowed is secured. It serves to reserve the money.

Why TJIP?

TJIP was chosen by bijBouwe because, although the company now had the means to build the solution themselves, they did not have enough manpower. Price was not the main driver, it was TJIP’s capability and expertise in delivering what bijBouwe seeked. Croitoriu: “We needed a component to process the requests of advisors. TJIP was able to do so by using Ensemble.’ An external company did the business analysis to provide the requirements for TJIP. This company had the overview of all the components from bijBouwe. Integrating the many components was a challenge. BijBouwe built one component (the rating and allocation component), TJIP built a component processing the request of the advisors and other companies built the website and secondary components.  

Another challenge has been the recurrent implementations due to updates. The HDN-protocol calls for a renewed version twice a year to keep up with improvements. This means bijBouwe must also update their requests messaging and TJIP’s Ensemble needs to be updated as well, otherwise it won’t be able to continue to pick up the requests coming in from the advisors.  

Luckily, bijBouwe and TJIP have been able to collaborate smoothly. In fact, Croitoriu thinks TJIP stands out in the way they collaborate and communicate compared to the other companies with which he has worked. ”The support and maintenance of TJIP is great. If a problem occurs, they have the time, capacity and availability to help right away by phone, email or Skype. This means that potential damage is limited. Requests can be queued so they don’t get lost when there is a down time.”

Advantages

Croitoriu sees that people are still a bit nervous to get a mortgage online. They would rather go to an advisor around the corner. The market is now 15% online and 85% via the advisors at bijBouwe. ‘We serve both channels because of TJIP. So, we can get those requests from advisors as well. This makes us very competitive.’ Now, bijBouwe wants to rev up its online business. It’s looking to increase its appeal by making online even easier and more customer friendly. ”We would also like to include more people to lend to, for instance, in the category of flex workers.”Croitoriu emphasizes that bijBouwe is an ongoing project. ”We will never finish because we have to keep on improving and growing.” In the near future bijBouwe will continue the collaboration with TJIP. “We have taken over the development of the other components. Ensemble is the only part we didn’t take over. This gave us more control over the processes and the online flow. TJIP does a fantastic job, we highly recommend them.”

 

 

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Frank Rommers

Contact Frank Rommers

Senior Business Development

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