New DiP function introduced by Target Group
November 28, 2023 by Alan
News
Target Group has announced the addition of a Decision in Principle (DiP) function to the Mortgage Hub platform, which will speed up the process of applying for loans.
The company is stating that mortgage lenders will be able to use it to give advisors a DiP determined by data that is completely accurate instead of an estimate. The new function can be utilised to collate reliable data concerning the value of the property in question and the income of the prospective borrower at the start of the process of applying for a loan, rather than later on.
Mortgage advisors can send customers links to Open Banking during their initial meeting, via Mortgage Hub. That will enable them to get data about income and outgoings that has been verified in a matter of moments. Lenders can then use this data to determine from the outset whether a mortgage is affordable for the customer.
The data can also be run through the automated valuation model created by the lender for the property and evaluated against the risk threshold determined by that lender. All of this information can then be used as the basis for a DiP, significantly reducing the amount of time wasted for all involved.
Katie Pender from Target Group said that everyone from lenders and advisors to the general public would gain from this new system.
Certainly those who have done CeMAP training courses will be keen to find out quickly if a particular loan is within the reach of their clients.
Written by
Alan
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