Atom launches broker-instructed valuations

Brokers can now directly instruct a property valuation at any time until an agreement in principle is issued. This can also be done before an application has been submitted to the bank. 

The feature was launched following feedback from brokers. 

Brokers can choose to use this function or have Atom instruct a valuation after an offer has been issued. The bank said this could reduce the time to completion by up to two weeks and ensure faster decisioning for borrowers. 

Commercial underwriting changes 

Atom has also revised the way it underwrites commercial mortgages to make this process faster. 

It has halved the average time it takes for an underwriter to assess a case through its technology, added new members and improved underwriter mandates so cases can move to offer without being passed to a mandate holder. 

The lender has also made changes to its broker portal so intermediaries are only asked for required information once and reduced the internal data that is captured by the underwriting team so they can make faster decisions. 

Atom: ‘Seeking to streamline processes’

David Castling (pictured), head of intermediary distribution at Atom Bank, said: “We’re excited to be introducing broker-instructed valuations, which offers a huge range of benefits to both the broker and their customers, including faster decisioning and more certainty. We also know slow underwriting processes are one of the key barriers that brokers face when seeking a lending decision, which is why we’ve taken the time to implement so many key tech changes to support our broker community. 

“As a digital lender, we’re constantly innovating and looking at the ways in which we can improve our processes, to make the experience of borrowing faster, easier and better value than others in the market. There’s a range of challenges facing small businesses at the moment so it’s never been more important for them to be able to get a quick financing decision. These transformative changes will enable brokers to support businesses effectively, as they continue to rebound and grow.” 

Louise Chapman, commercial director of VAS Valuation Group, added: “Brokers who instruct valuations directly with us stay in charge of the application all the way through to completion. This reduces friction in getting a deal over the line, delivering improved efficiencies and dramatic time savings.  

“Atom is a bank seeking to streamline processes, and this change in the instruction path will help to further refine the mortgage application journey for customers and brokers alike.”