5. Use of Modelled data to minimise the need for supporting documentation.
6. We’ve boosted our sales teams with both telephone and field BDMs, so we have more colleagues on hand to deal with enquiries. The helpdesk is also open 9am-5pm five days a week, for when you have a more complex question that can’t be answered online.
We know tech won’t be a complete standalone solution for brokers just yet, but as it evolves it improves the overall experience.
We’re proud of our service levels and open about them, posting regular updates on our website.
Open Banking
Open Banking is the perfect example of technology as a game-changer in mortgage processing. Lenders get to see the information needed to make a decision without waiting for documents to be gathered and uploaded.
We started to roll this out through brokers in March, launching Open Banking for your self-employed mortgage customers. It’s already improved our processing times as well as making life much easier for you.
With Open Banking, we get the information we want without having to go back and forth for more customer documentation. We extract the details we need for our underwriting assessments from Experian. We just look at the credits, not the customer’s spending, with only temporary access so we can make the focused lending decision.
It’s already been transformative, and we can see the huge potential of Open Banking to speed up the underwriting process.
Along with API technology integrating systems, it’s clear that submitting a mortgage application will become easier in the next year or two. As a result, moving to offer and completion will be quicker too.
As technology evolves to do more of the heavy lifting on processing, lenders who continue to invest in their people will be able to give you a more personal and professional service, just like the service you provide your customer’s with every day.
