Buckinghamshire Building Society (BS) has announced the launch of an improved process for completing mortgage applications that is designed to make it easier for advisors to submit both these applications and decisions in principle (DIPs).
When it comes to submitting a DIP to the mortgage lender, the biggest change that advisors will find from now on is that they will be submitted through the Buckinghamshire BS platform and will be processed digitally.
The improved system launched by Buckinghamshire BS will also be able to automatically link-up a customer’s DIP with their mortgage application once that has been submitted, reducing the amount of time advisors have to input the same client information. Buckinghamshire BS has confirmed that the actual underwriting of applications will still be done manually though, with decisions made based on the circumstances of each would-be borrower.
Speaking to Financial Reporter, the Buckinghamshire BS Head of Mortgage Sales, Claire Askham, stated that:
“This upgrade project has been a passion of mine since joining Bucks in 2020. I strongly believe in the importance of making our brokers lives simple. I’m therefore delighted to see this come to life.”
Askham then went on to say that the lender was always aiming to introduce systems that enable applications to be dealt with more rapidly, which this improved process would do. She concluded by saying that further improvements targeted towards that goal would be introduced very soon.
With advisors who have CeMAP courses under their belts currently dealing with huge numbers of applications, moves by lenders to make submitting them easier are welcome.