BM Solutions has revealed it is removing its signed standard declaration from January 15.
The lender says it will be the first lender not to require a written customer signature for a mortgage to complete.
Instead of getting their clients to sign a declaration, brokers will need to confirm within the ‘one minute mortgage’ that their customer has read and understood the new Important Customer Information document.
This means that from January 15 intermediaries no longer have to print the old standard declaration, obtain a written signature from the applicant and then post, fax or scan the form to BM.
BM Solutions believes this will significantly reduce the administration burden on the broker and potentially slash days off completion times.
There is now no requirement to post paperwork to BM Solutions, eliminating post delay, and brokers can finalise this stage of the process while the client is still in their office, meaning they no longer need to take time chasing the document in order to complete.
This also removes the necessity for scanners and scanning time.
Chris Pearson, head of sales and marketing at BM Solutions, says: “We’re constantly looking for ways to respond to the feedback we get from brokers and always want to implement improvements that make a difference to brokers on a day to day basis.
“Yet again we have slashed a minimum of a day off completion times, we would encourage other lenders to move quickly to offer brokers the same benefit.”