Shawbrook’s commercial mortgages team has reported that January 2017 was the most successful month to date for its E-AIP platform, with 45% of applications resulting in a credit-backed IMO within 15 minutes for brokers using the service.
The online application service was launched in April 2016 and has subsequently grow, in popularity amongst its panel of Broker Partners.
It is available for all Specialist buy-to-let and commercial product applications and there have been over 400 completions via E-AIP since it was introduced.
The technology was designed to provide a hard credit-backed IMO within 15 minutes of application. For those brokers that are referred, an experienced Shawbrook underwriter will respond to the broker and explain why within four hours; this is down from the historic SLA of 48 hours before E-AIP’s introduction.
Karen Bennett, managing director of Shawbrook Commercial Mortgages, said: “How can we make our brokers’ lives easier? It is a question that drives the commercial mortgages team within Shawbrook Bank and one of the main reasons we introduced E-AIP back in April 2016.
“The stats make it clear: the commitment of our data & projects team is having a positive impact on both broker and borrower. This is E-AIP at its best: innovative, user-friendly and increasingly intelligent.
“Whilst E-AIP removes much of the manual element of the application process, it is important to note that our expert teams remain at the end of the phone to support. We are a business built on personal relationships and our technological improvements will always work in tandem with this core business feature.”