Shawbrook Bank has published its latest Performance Bulletin for its commercial mortgages division.
With the bank making its ‘E-AIP’ service available for commercial as well as residential investment applications, 36.9% of brokers last month received an instant IMO whilst of those referred, 73.4% received a response within four hours from a Shawbrook underwriter.
Despite reduced employee resource, the Shawbrook teams managed to maintain stable processing times for both term and short term cases – even bearing in mind a 13% increase in the total items of post worked for short term business. The Bank’s valuation panel also improved its month-on-month turnaround times for the second time in a row.
Emma Cox (pictured), sales director for Shawbrook Commercial, said: “It’s reassuring to see that reduced resource across the commercial mortgages division (due to the tail end of the summer holidays) didn’t harm our service delivery stats for the month of August.
“Our Legal panel had a challenge to keep turnaround times low and the time taken to process term refinance cases did increase. On the other hand, turnaround times on our ‘non-rep’ service (whereby clients can waive the right to solicitor representation to make the process to completion quicker) for term refinance business were impressive. Nearly half (48%) of cases were processed by legal from start to finish in under 10 days.
“With autumn beginning and our teams building back to full strength, we are keen to capitalise on this and provide our brokers’ clients with the most efficient service possible as we move into the third quarter of 2016.”