The lender said a third of applications submitted had received an offer the same or the next day, while more than half were supported with either an automated valuation model (AVM) or automated income verification (AIV).
Atom Bank said the increased use of AIV removed the need for brokers to submit a pay slip in many cases and combined with an AVM, sped up the time to offer.
The lender said this was part of its aim to move away from traditional processes.
Atom Bank has also been putting near prime cases through an AVM to demonstrate that complex borrowers can also benefit from an automated process.
Anecdotally, Atom Bank said brokers were seeing offers accepted in minutes or even seconds.
Richard Harrison (pictured), head of mortgages at Atom Bank, said: “We can offer brokers and their clients lightning-fast application to offer, supported by greater automation. A number of brokers have actually said to us that they’ve received the offer back in seconds whilst still on the phone to their client. Our increased use of AVM and AIV generally decreases the workload for brokers too, making the whole journey more seamless.
“What’s more, it’s not just low loan to value (LTV) remortgage customers with a clear credit record benefitting from this service. We’re using this technology for purchase customers across all LTVs , changing perceptions on what is possible and helping more people to move.
“While we may be industry leading now when it comes to speed, this certainly isn’t the limit of our ambition. The mortgage process is ripe for disruption, and we’ll keep using automation to improve the journey in order to offer better value to brokers and their customers.”
