The automatic DIP acceptance will be used for cases that score well on Fleet’s bespoke credit-scoring system but the lender will still fully underwrite all cases.
Fleet’s manual DIP system will continue to operate alongside the new process but the lender said quality clients would benefit significantly from the updated version as it provided instant confirmation of the lenders’ intention to lend, compared to the 24 hours under the manual process.
Bob Young, chief executive officer of Fleet Mortgages said: “At all times we monitor the performance of our system and our ability to respond quickly to advisers who submit cases and want a yes or no answer as soon as possible.
“Where possible this [new system] will give an immediate response which will be especially useful for those advisers with clients who score highly on our credit-score system, and will also allow those who are declined to swiftly pursue other lending avenues. This is not a return to an instant ‘Yes’ without validation, however, as Fleet Mortgages will still complete a full underwrite of each case once we have received the valuation and the items requested.”
In May, Fleet increased its maximum age at the end of lending term from 75 to 85.
