Paragon says it will process applications from portfolio landlords more quickly after rolling out a new submission platform.
The specialist lender will now use eTech’s web-based workflow management system, which it claims will streamline the application process.
This eTech system provides intermediaries and lenders with a simplified application platform that meets PRA underwriting standards for landlords with extensive property portfolios.
Intermediaries using this system can import landlord data from multiple spreadsheets. Data is then verified automatically and converted into a Paragon-specific template prior to submission.
Property details, including preliminary valuation information and achievable rent, are independently verified using online sources.
Current EPC ratings are also displayed against each property in a portfolio and automatically updated via the EPC register.
Paragon’s managing director of mortgages John Heron says: “Technology is set to revolutionise the mortgage industry and this is a perfect example of a web-based application being deployed to streamline a complex process.
“The new PRA standards rightly call for comprehensive underwriting of portfolio landlords, but this can make the application process cumbersome and slow.
“The eTech system provides a single data entry point for intermediaries and lenders, as well as online verification of key information, taking away the need for multiple data input and manual checking.”
He says this will provide a further boost to Paragon’s service capability.