Shawbrook Bank has provided a formal mortgage offer to a customer in just 48 hours from submission, using its innovative new Buy-to-Let Platform which officially launches shortly.
The new platform aims to streamline the entire application process for brokers by using the most up-to-date technology.
Shawbrook says that by applying advanced decisioning techniques and sophisticated insights via API technology, the new system will provide a quicker and more intuitive journey to credit decisions and property valuations, where eligible.
While testing the new platform, a broker submitted a new case for consideration. All third-party checks were automatically carried out as part of the application in principle (AIP) process, significantly reducing the requirements of the underwriting team.
An instant IMO was then generated, alongside a successful automated property valuation (AVM).The Broker swiftly provided the necessary documentation required for a Formal Offer.
From submitting an AIP to the offer being issued, the process took 48 hours.
Emma Cox, Sales Director at Shawbrook Property Finance comments: “Over the last twelve months we have been investing heavily in the technology we rely on behind the scenes to help deliver the best possible service to our customers.”
Daniel Brown, Senior Business Manager at Commercial Expert, commented:
“The new Buy-to-Let platform has made applying for a Buy-to-Let loan quick and simple. The AVM system produced an instant valuation which enabled me to provide a fully backed Indicative Offer to my client within minutes.
“We have all been impressed by the ease of the application process and the speed in underwriting the case to Mortgage Offer.”
AVM’s have been around for two decades, but all of a sudden they are becoming a really huge noise in the proptech sector. As the lending sector – forced by the inability to have surveys during lockdown, realises their latent value. Especially as advances in modelling and AI has moved on dramatically in the past four years. Soon we may have a property listed at 400K that is a 400K property, which means a mortgage could be pre-arranged. That would cut out the ‘friction’ at offer stage and speed the buying in process. Speaking as an ex agent of 30 years who spent decades answering calls from surveyors ‘looking for comps’ for a three-bed semi they are ‘valuing’, I think that an automated system based on a large data set is maybe far better than this approach.
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Well said, Andrew Stanton, The Property Industry has been crying for #Proptech and companies like Property Deals Insight to revolutionise the painfully slow Property Life cycle.Not anymore!!!The time for change is now! And we have already started on the #journey to make the vision of making 1-click property purchase a reality. And one of the biggest step to achieve that is using an accurate #AutomatedValuationModel #AVM to instantly process millions of data points and get in-depth accurate valuations which can be utilised by #lenders #EstateAgents and #surveyors to support their application process.More than happy to talk to other business leaders who are early adopters of Tech and want to stay ahead of the game. And happy to bounce off ideas.Sharing a link to a useful post about the #AVM. Hopefully, it can be useful for some. https://www.propertydealsinsight.com/automated-valuation-reports/
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