Accord Mortgages’ decision to train its case managers as underwriters has seen a 28 per cent improvement on the time taken to issue a mortgage offer, according to the lender.
Accord, part of Yorkshire Building Society, announced in April it would be training its managers and 36 new staff so that brokers could be confident that every mortgage application would be dealt with by an underwriter from day one.
The lender says the move, which came as a result of broker feedback, has “strengthened” its overall sales proposition.
Charles Canning, managing director, said:“We’re training and supporting colleagues to take a common-sense and personal approach to mortgage lending decisions. We know every case is unique and we know it can make a big difference for brokers if they can talk an underwriter through the details.”
Mr Canning said Accord now also asks for less documentation making the process “quicker and more straight-forward for brokers and their customers”.
Accord’s decision to increase the number of underwriters on its team comes as the industry debate surrounding so-called robo underwriting continues to cause waves.
Last month the Financial Conduct Authority revealed market feedback suggested lenders could be using technology more effectively when providing information and advice.
The suggestion was criticised by smaller lenders, including Ipswich Building Society with chief executive Paul Winter arguing that too much reliance on technology when assessing a borrower’s suitability could create too much standardisation in the industry.
Winters said if robo underwriting was more widely used the sector should be concerned for the “mortgage misfits who do not fit the standard algorithm of an applicant”.
