Since deciding to back a totally intermediary distribution policy in 2013, the society decided to appoint a number of packager partners who act as conduits for new business from the wider broker community.
Dudley’s head of lending, Steve Sandiford, said plenty of valuable lessons have been learnt as the service standards have continued to improve in 2014.
He said: “To say that we have learnt a huge amount in reaching our initial goal of a 10 day turnround would be an understatement. Changing the culture within the society and dealing with the needs of intermediaries through our panel of partner packagers has been a challenge. However, it has been worth it to get to a point where our service standards are now among the best in the industry.”
Sandiford added several DIPs are produced within hours but the high degree of understanding between packager and lender makes for quicker processing.
“This is a virtuous circle that can only improve and with our migration to a world class technology hub towards the end of 2014, as well as negotiations on closer links with conveyancers, we are examining every facet of the underwriting experience to ensure we are streamlining our process without compromising our robust underwriting and compliance standards.”