The specialist bank has combined its mortgage decision in principle (DIP) and auto-underwrite technology, which it introduced earlier this month, with its automated valuation model (AVM) and biometric ID verification.
The auto-underwrite system confirms underwriting requirements, and can offer instant pass, refer or decline decision to brokers after a three to five minute application process. The AVM means that a physical valuation is not needed when a property meets certain criteria.
After passing through the auto-underwrite system and meeting the criteria for the AVM, the borrower then completed biometric ID verification using the UTB app and the mortgage was offered in around three hours after the initial submission.
UTB’s mortgages director Buster Tolfree (pictured) said that the fast turnaround was due to the significant digital investment the company had made over the past three years.
The specialist bank has been making a number of technological improvements to its application process, bringing in biometric ID valuation in 2019, secure webchat in 2020 and document upload, DIP and auto-underwrite functionalities earlier this year.
He added: “We’re supporting brokers by providing great products, an outstanding service, common sense underwriting and a commitment to continuously improving the speed and efficiency of the mortgage application process, both of which are key drivers of successful conversions.”
The application was for a first charge mortgage and was submitted by Willows Finance via the UTB’s broker portal.