Some brokers have gone as far as to apply them to their entire lending panel.
This has resulted in Blemain Finance receiving record numbers of full packs, allowing underwriters to work more efficiently and complete cases faster.
Amanda Biggar, operations manager at Loanmakers, says: “The Minimum Standard Requirements mean that our processors are always clear on precisely what information is needed, which has cut down the time spent on returns, unnecessary referrals and queries.
“We can work more efficiently and our cases complete faster.”
Blemain says The Roving Underwriter initiative, implemented in Q1 2008, is also proving to be a success.
The firm says a number of volume business providers are now enjoying the regular presence of a roving Uderwriter on their premises, preparing cases for submission and providing any additional support or training that may be required.
Blemain’s performance figures from March illustrate the positive effect that roving underwriters are having on case submissions.
Reports show there has been an increase of 25% in the number firms achieving 100% pack submission quality since the visits began and, as a result of this, some cases have been paid out within as little as 2-3 hours of receipt.
Paul Stringer, director of Norton Finance, says: “The regular visits from our Roving Underwriter are definitely helping to improve efficiency on the processing of Blemain Finance cases.
“Our staff really appreciate the opportunity to raise issues face to face and get instant verbal decisions. Obviously, we are very pleased with the speed at which roving underwriter cases are completing.”
Gary Bailey, director of Blemain Finance, adds: “We are still lending substantial volumes and are committed to improving the service we offer our brokers.
“I would like to thank everyone who has adopted the minimum standard requirements for packaged cases. With brokers now working more efficiently, this has resulted in cases completing faster, and is an excellent example of how lenders and brokers can work together for mutual benefit.”