Until recently, the majority of BTL applications were referred for a manual underwriting review, but following the launch, brokers are now able to see an immediate pass, fail or refer a decision on the Bank’s broker portal DIP results screen.
Pass – An approval, valid for 30 days. Further information will also appear.
Fail – A decline, we cannot proceed. A reason will be provided.
Refer – Further manual review by UTB is required, we will respond in 2hrs.
This new functionality, combined with existing features of the digital journey including remote ID verification and secure document upload via the UTB app, accelerates and simplifies the BTL application process and brings it in line with the journey broker's experience with the Bank’s other mortgage products.
Following a ‘Pass’ decision, further information will also appear on the broker’s screen. In the background, the ‘pass’ decision triggers an automated underwriting process. The information already keyed, combined with a series of complex API integrations with third-party providers such as Equifax and Hometrack, creates a bespoke set of application requirements for each specific case. This Automated Underwrite goes far beyond basic catch-all details. For example, the system will already recognise if the applicant is an individual or SPV and request specific information relating to that scenario.
Once brokers have gathered the necessary application requirements, documents can be uploaded and the case submitted to UTB as normal. After Full Mortgage Application, all the information will be assessed by a mandated underwriter, and the Bank will liaise with the introducer regarding any further information required before a Mortgage Offer can be issued.
Mike Walters, (pictured) Sales Director – Mortgages, United Trust Bank, commented: “I am delighted that after rigorous testing the technology which enables us to increase our BTL capacity is now up and running, providing brokers with BTL cases access to the same quick and straightforward application journey which powers our residential mortgage offering.
“We have had an overwhelmingly positive response to our BTL products and criteria which once again fulfils our mission to provide great value products to parts of the market not best served by mainstream lenders. Demand has grown from Day 1 and although it was necessary to control our volume during the BTL roll-out, it has been frustrating knowing just how many brokers and borrowers want what we offer. This technology-led enhancement allows us to open our doors wider and we look forward to welcoming many new landlord customers to UTB.”
