Atom Bank has announced that it is bringing in advisor-instructed property valuations as of now, as well as introducing a number of changes to its processes for underwriting mortgage loans.
This new valuation system will mean that a mortgage advisor has the option of instructing property valuations during any stage in the application process up to the provision of the Agreement in Principle. However, they do not have to take advantage of this if they prefer not to. The previously standard method of getting the valuation instructed by Atom following an offer being made on the property will still be available.
The idea behind both this and the underwriting changes is to make the application process quicker and easier, according to Atom Bank. Its intermediary distribution head David Castling told Mortgage Strategy that:
“We’re excited to be introducing broker-instructed valuations, which offers a huge range of benefits to both the broker and their customers, including faster decisioning and more certainty.”
He went on to say that delays in getting underwriting completed were another common factor that held up decisions on mortgage applications and that the tech solutions now provided by Atom Bank were intended to solve that problem.
Castling concluded by adding that the company was always seeking improvements to the borrowing and application processes through tech, due to its status as an online lender.
Advisors who have done the CeMAP course know that faster application completions and decisions from lenders will make it more likely that their clients are satisfied with their work.
