Atom bank says that 21% of mortgage applications were approved on the same day over the last four months, with 34% gaining approval the same or next day.
Atom has achieved such speed to offer through greater use of automation, with 58% of all cases, purchase and remortgage, being supported by either an Automated Valuation Model (AVM) or Automated Income Verification (AIV).
The increased use of AIV removes the need for brokers to submit payslips in many cases, with Atom bank making full use of this technology. This, combined with the increased use of AVMs to further reduce the time it takes to return an offer, is a key part of Atom bank’s vision to move away from the traditional way of assessing cases and speed up a process that frustrates brokers and their clients alike.
In addition, Atom has also been running Near Prime customers through an AVM, showing that traditionally more complex customers can benefit from increased automation.
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 LTV remortgage customers with a clear credit record benefitting from this service. We’re using this technology for purchase customers across all LTV’s , 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.”
Ryan Craig from McDaid Mortgages added: “To get an offer within 24 hours is very rare these days. There is usually lots of back and forth with underwriters, but the whole process with Atom was unbelievably simple, and it was refreshing to get an offer so quickly.
“The traditional way of doing things gives you a lot of paperwork and hassle, which makes your life more difficult as a broker. The Atom portal speeds this process up and to get updates during the application process is amazing.
“A quick offer is fantastic as a broker and means you don’t have to worry about sending more information to the lender or it being declined. It’s nice to know your client isn’t going to have to wait weeks for an answer, particularly for those who have left things to the last minute or may be under some pressure from estate agents to progress a sale.”