Amber launches online DIPs

Amber has launched an electronic Decision in Principle facility for mortgage intermediaries.

The new DIP facility provides easier access for brokers to Ambers product range. The system provides a binding decision to lend; either an automated yes/no decision within minutes or a decision based upon referral to an underwriter within one working hour.

The DIP system also incorporates a credit search, helping brokers to identify appropriate products for their clients. The product cascade facility highlights the possible solutions Amber can offer to suit specific client needs. However the system does not guarantee the availability of a particular product and decisions are subject to valuation and full underwrite.

Mike Perry, associate director sales and marketing at Amber, says: The launch of our new DIP facility is a natural progression for the business. We have been actively developing the direct element of our business during 2005-06, and we anticipate that the online DIP will prove to be a powerful tool to support brokers submitting applications directly to Amber.”

The first step for the intermediary is to pre-register for the DIP, which can be done via the Amber website. We are also working on other enhancements including a full online application.

Marc Carpenter of EPS Mortgage Solutions was the first person to complete an Online DIP from Amber on the morning of the launch. He says: “I found Amber’s DIP facility simple and quick to use. My case required referral to an underwriter at Amber, and I received an approval response within minutes. Overall I think the system is very good.”