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Commercial First streamlines its requirements

Commercial First has changed its loan processing requirements and procedures to speed up the flow of information to brokers.

Mortgage documentation including legal charges and terms and conditions will now be emailed to brokers with hard copies following in the post.

Commercial First has also reduced the amount of information required to verify customer identity. It no longer requires National Insurance numbers or an explanation for any absence from the voters’ roll.

The requirements for financial information on new businesses have been simplified and 12 months’ projections are no longer required to accompany a self-declaration of income.

Stephen Johnson, sales and marketing director of Commercial First, says: “This should help us give brokers better service. We continue to seek ways to make loan processing simpler and are investing in IT to achieve this.”

Colin Bell, director of operations at rival commercial lender InterBay, says: “It’s good news when a lender embraces technology to improve customer service. InterBay already emails documents to brokers and has launched a web-based online conditional offer application. Full application and case tracking facilities will follow shortly.”

Commercial First has also resumed providing and arranging building insurance for applicants.

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