Atom’s head of intermediaries, Maria Harris (pictured) confirmed that as a balance sheet lender with its savings accounts already live, it is hoping to drive £300m of mortgage lending through its app in the first year.
In a boon to brokers, the Durham-headquartered lender confirmed it will offer full proc fees for retention, did not rule out the idea of trail fees and will be driving leads to its preferred brokers via the app, encouraging clients to seek mortgage advice.
Its launch mortgage range will include new-build, shared ownership, contractor and self-employed and lending into retirement loans.
Atom confirmed the bank will not sell or originate mortgages on the consumer app and so brokers will be supported by a web platform. The consumer app is currently only available on iPhone with an Android version to launch shortly.
The bank’s partner distributors from launch reportedly include Legal and General Mortgage Club, LSL, telephony-only broker London and Country and London-based broker Coreco.
Harris said there is no difference in the quality of business between Directly Authorised and Appointed Representative brokers, but distribution through DA on day one “would be a bit of a challenge”.
“We would need an army of people to be able to prove to the regulator we are compliant,” she added.
Atom Bank said the consumer app will offer an automated decision in principle in four minutes on a vanilla case, with additional support from the underwriting team in Durham on more marginal cases. All documents can be scanned and attached and the ‘middleware’ allows fraud checks and valuations to be prompted in real time, which the bank said could get an application to offer within 24 hours.
Atom has three regional business development managers with four more by the go-live date with seven telephone-only BDMs in the customer support team.
The provider will not market its products to customers and offers a 24/7 help desk for brokers and consumers with secured messaging, Facetime and webchat functionality.
“The main objective is to take the bank out of the customer experience with their money,” said Harris.
By the end of 2016, customers will have access to fixed savings, current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages, all serviced via the app.
At launch earlier this month, Atom’s CEO, Mark Mullen said: “This is the start of a remarkable transformation of the banking landscape for everyone. Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape.”
