Platform has added an electronic identification facility to its online tool clickdecision.Clickdecision will now automatically check the identity of mortgage applicants rather than relying on the cumbersome gathering of paper documentation by the intermediary or solicitor. The Britannia subsidiary says this will put to an end lengthy documentary evidence procedures for brokers and their clients. On an approved decision, if the ID is verified, no further information will be required. And in the event of the system being unable to verify the ID, an item will be added to the ‘shopping list’ notifying the broker what needs to be provided with the application. Lenders are obliged under anti-money laundering regulations to obtain evidence about the identities and addresses of prospective mortgage holders and this system fulfils those obligations. Platform says that since the launch of clickdecision in July, brokers have submitted nearly 40,000 cases online – around 600 a day – with nearly 80% of these being approved in seconds. New business volumes in the past three months have doubled compared with those received prior to the launch. And website traffic has boomed from 100 visitors a day to over 1,200. Guy Batchelor, sales and marketing director at Platform, says: “Requiring intermediaries to obtain, copy, certify and post ID evidence such as passports is unnecessary now we can verify identity electronically via our new online facility. “This will simplify the process of submitting applications and cut the time taken to process them. “With the subject of electronic checking being raised in a recent working report from the Financial Services Authority, we believe such facilities will eventually become the norm.”
- Top trends
e.surv has reported that September saw the highest volumes of instructions for the last 12 months. Richard Sexton, business development director at e.surv says: Whilst numbers of instructions from intermediaries have fallen as a result of a period of consolidation following M-Day, direct lender instructions have more than compensated for this and we are very […]
em- has given its free application fee and free valuation offer, across the entire em-homeloans sub-prime range is set to continue indefinitely. Simon Mouncher, operations director at em-, says: our totally free application fee and valuations offer is a sound deal and embraces the FSAs Treat Customers Fairly policy. In order to take advantage of […]
State Securities is extending the maximum terms of its commercial mortgage range as part of its continued growth strategy. The extension means commercial mortgages will be available over a term of up to 25 years, giving borrowers the option to reduce their monthly repayments by spreading them over a longer loan term.
PYV, the professional indemnity insurance broker for mortgage intermediaries, has negotiated new improved rates for mortgage intermediaries with St. Paul Travelers.PYV say this is good news for all types of mortgage intermediaries, ranging from networks to one-man bands, and improved rates extend to general insurance activities as well as term life activities.Ian Boscoe, director at […]
The tables used for capped drawdown maximum income calculations have been updated. We look at the reasons for the change and what the impact could be. Changes to capped drawdown tables Capped income drawdown involves taking a pension directly from a fund instead of buying an annuity. However, there’s a limit on the maximum amount […]
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