The auto-underwrite system analyses an applicant’s circumstances to provide a tailored response to their application.
It informs brokers of any additional information needed to reach a full mortgage application such as accounts for self-employed borrowers or further employment documents depending on the borrower’s profession.
The online DIP aims to give brokers a real-time decision with a pass, refer or decline outcome given following the application process which UTB said takes three to five minutes to complete.
If the product requested does not fit criteria, alternatives will be suggested.
The DIP is integrated into UTB’s credit search and auto valuation model to provide a 30-day decision.
These new enhancements follow UTB’s recently launched document upload functionality and are expected to improve turnaround times and increase broker conversions.
Buster Tolfree (pictured), director – mortgages, United Trust Bank, said: “There’s a lot of activity in the mortgage market but brokers aren’t necessarily getting the speedy service from lenders they deserve, especially with their more difficult-to-place cases.
“These latest process enhancements will enable brokers to quickly obtain a DIP, be referred to a specialist underwriter for further help or get a swift decline, 24 hours a day, seven days a week and our auto-underwrite system should help accepted cases fly through to a quick full mortgage offer.”