ACCORD Mortgages is launching a cascade system in January next year that will tailor borrowers’ needs to the lender’s product criteria.
The automated decisioning system is called the Advance Business Cascade, or ABC for short.
It is intended to save brokers time as all they have to do is enter their client’s details and Accord will come back with an answer on which product fits. So clients who brokers might have thought were sub-prime could be found to be suitable for prime products and moved up accordingly.
Brokers have the right to appeal if they feel their client should be on a different product but Accord says this should speed up the process for brokers and borrowers. Once the information is plugged in, it comes back with a decision on products in one minute.
Linda Will, managing director of Accord Mortgages, says there are often problems with things like clients not remembering when they had CCJs and systems not having the diversity that brokers need.
She says: “We have moved a lot of cases on our cascade system from subprime into prime. The ABC system means the broker has a lot more control. If a client has been on a sub-prime product, this system can help them get onto a prime one.”