Shawbrook extends digital application to commercial deals

by: Carmen Reichman
  • 10/08/2016
  • 0
Shawbrook extends digital application to commercial deals
Shawbrook Commercial has made its digital application service available for commercial mortgages after receiving positive feedback from residential clients.

Shawbrook’s E-AIP online service, which launched in April, was previously restricted to residential investment applications but will allow brokers to process commercial mortgages from now on.

Shawbrook said E-AIP had been popular with its brokers who have submitted business worth about £100m via the platform so far.

By May – weeks after its launch – about half of applications for residential investment products were coming through the system, it said.

E-AIP allows brokers to submit applications purely online, although human help is available should they need it.

The system promises to be able to reach a hard credit-backed Indicative Mortgage Offer (IMO) within 15 minutes as it acts as a digital underwriter.

Between 11 July and 5 August an average of 49% of applications resulted in an instant IMO, Shawbrook said, up from about a third in the four weeks prior.

Sales director Emma Cox said: “Many of our brokers have benefited from the speed and convenience improvements which E-AIP makes possible. With the tireless work of our Data & Projects team to enhance the online case journey, along with the valued feedback of our broker panel, we are thrilled to expand E-AIP’s scope for commercial applications.”

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