United Trust Bank (UTB) has unveiled the integration of Hometrack AVM (Automated Valuation Model) searches from within its bridging broker portal available for new Fast-Track and standard bridging applications.
This means that brokers submitting enquiries and Decisions in Principle (DiPs) through the bridging broker portal can carry out a Hometrack AVM search 24 hours a day and to obtain an instant pass/fail indication as well as an accurate valuation at the point of submitting the enquiry to UTB.
UTB claims that the enhancement to be an industry first with no other bridging lenders currently offering AVM integration within online portals.
The service facilitates and expedites the production of terms and DiPs enabling brokers submitting ‘self-service’ applications to proceed quickly with greater speed, accuracy and certainty.
Chetan Hirani, adviser with Fluent Bridging, said: “It’s quick and easy and not having to wait for the lender to confirm if the AVM has passed not only accelerates the process but is a great selling point for clients. We can tell them straight away it has passed, get the DiP and ESIS and quote them much faster.
“Equally, if the AVM comes in lower, we can adjust the figures and liaise with the client to see if they could manage a lower loan amount to avoid a full valuation. Either way it keeps the process moving quickly which as we all know is critical in bridging.”
Gavin Diamond (pictured), director – bridging, United Trust Bank, added: “At UTB we are constantly looking for ways to make bridging applications simpler, quicker and to give as much certainty as possible from early in the process.
“By integrating Hometrack AVM searches within UTB’s bridging broker portal brokers can very quickly see if the property valuation is going to support the application they’re making, enabling them to proceed quickly or rethink their options. We believe that this latest enhancement, especially when combined with our Fast-Track service, provides an unbeatably quick application, decision and completion process with offers made within 24 hours and funds available to draw just a few days later.”
