United Trust Bank launches online mortgage DIPs and auto-underwriting
United Trust Bank (UTB) has launched its new online Decision in Principle (DIP) and automatic-underwriting system to provide brokers with point of sale decisioning available 24 hours a day, 365 days a year.
The system enables brokers to receive a real-time pass, refer or decline decision following completion of a short application process taking around 3-5 minutes. And if the product requested does not fit UTB’s criteria, the system will provide alternative products more suited to the applicants’ circumstances.
The online DIP is integrated with Credit Search and Automated Valuation Model providers all to provide a binding 30-day decision.
UTB’s Auto-underwrite system supports the online DIP decisioning and takes every factor of the applicant’s circumstances into account to provide a response tailored to each individual scenario. The system tells the broker exactly what they need to submit to reach a full mortgage offer quickly; bespoke for every client. Day-one requirements for inclusion at full mortgage application can all be uploaded via the Mortgage Portal.
These new enhancements, combined with the recently launched document upload functionality, are expected to substantially improve turnaround times and increase broker conversions.
UTB aims to provide residential mortgages and second charge loans to customers with more complex circumstances, credit histories or requirements which often don’t fit the strict criteria of mainstream lenders. The Bank’s Broker Summer Support Package 2021 (#BSSP21) is a program of product and process improvements designed to help mortgage brokers write and complete more business, especially when dealing with customers requiring specialist underwriting and administration. As a leading proponent of FinTech it is committed to introducing smart digital solutions where they can improve the journey for brokers and customers and free up time for its specialist staff to add value to managing difficult cases from application to completion.
Brokers can register to use UTB’s new services at www.utbankmortgages.co.uk
Buster Tolfree, director – mortgages, United Trust Bank, commented: “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.
“Our #BSSP21 campaign will continue through the summer with further exciting process and product announcements to come.”