Skipton International's underwriters want to work with you

This article was created in partnership with Skipton International

When it comes to the role of underwriters, there’s much more to it than checking numbers on submitted documentation and making sure they add up. From checking certifications of passports, proof of address, and ensuring property is valued at the correct amount, to establishing the overall source of wealth of the client, making sure rental income, if applicable, is in line, and that they’re employed in an acceptable field, “it’s a huge amount of work,” said Sean Gauvain (pictured), senior underwriting manager at Skipton International.

“I head up the underwriting team and my day often looks very different than how it’s planned to be: I walk in with an ABC plan, log in, and it quickly becomes apparent D and F are the more pressing matters,” Gauvain said, adding that he oversees the quality of the work his team does and strives to ensure they’re not being too soft or too harsh in their assessment.

“We’re responsible not just for assessing the credit risk but onboarding mortgage customers. I ensure we’re keeping a level of uniformity in decision making because I appreciate clients and brokers want to place business where they’re confident it will be approved. It’s in everyone’s best interest to know what we’re looking for and how it should be presented. It makes life easier all around.”

Keeping on top of change

The world is fast paced with lots of changes, and for the underwriters it’s vital to keep on top of them. As examples, Gauvain points to the region being removed from the FATF grey list which prompted updated internal policies and procedures in line with that, and the recent period of contraction in property pricing along with the change to the low interest rate environment over the last year.

Skipton International also considers the cost-of-living crisis that the UK is facing, noting that expat customers based in various places across the globe aren’t necessarily fully aware of the situation. The team is underwriting on the strength of the rental income of the property which is paid by the tenant, and if they lose their job or their earnings are impacted by the soaring cost-of-living, that has an impact on the owner of the property who is the mortgage customer.

There’s also the evolution of knowledge more broadly, where “people want information fast, they’re better informed than ever before, and it’s key for us to keep up with those changes and make sure we’re as nimble as we can be,” Gauvain explained.

“As an organization, our smaller size means that when change occurs, we can react fast where bigger organizations often have layer upon layer of committee that changes have to go through.”

Side-by-side approach

Another upside to being lean is proximity between teams: underwriting sits side-by-side with sales on the same floor in the office in Guernsey. If a broker calls the sales team with a case and they’re not 100% sure if it’s right for Skipton, the sales rep can literally walk across the office, speak to an underwriter, and get their view on whether the decision is suitable. And unlike many of the high street banks, applications aren’t delayed by being sent to other buildings, potentially in other parts of the country, meaning Skipton expediates applications efficiently. This goes back to that nimbleness, Gauvain noted, and Skipton International’s ability to make a decision fairly quickly.

“We don’t have to refer things up multiple chains to get a response,” he said. “We can react fast once we’ve got all the appropriate information.”

The team approach extends to the brokers as well, with Gauvain calling out an unfair view that underwriters “are there to say ‘no’, but that’s absolutely not our job — and there’s the same amount of work in declines as in agreements.”

The key phrase is “once we’ve got all the appropriate information,” and while he appreciates it can be frustrating for a broker to be asked to supply anything further, Gauvain refers back to the changing world, which includes increasingly sophisticated threats and risk to businesses.

“As a regulated business, we move with the times and stay on top of threats. Whenever we ask for something, it’s not done just to be difficult, it’s essential to keeps us safe, the customer safe, and brokers safe,” he said. “We only ask for additional information when absolutely necessary. We want to underwrite that business and always do our best to do that — we’re all working together here.”

Gauvain fosters an “in-it-together, one-team attitude” and brings experience on both sides of the line to his current role, as he started his career on the sales side and has a long history as a mortgage advisor. Leaning on that diverse expertise, he’s able to speak to concerns brokers and sales may have while explaining his position on the underwriting side, and that’s a positive for all stakeholders.

“It helps paint a clearer picture for everybody,” he summed up. “It definitely helps having had a foot in both camps. I’ve got a lot of respect for the job the sales guys do, and I’ve worked with brokers for a long time myself, so I understand their position.”

The Skipton International difference

Though smaller than its competitors, Skipton International uses its size to its advantage, punching above its weight and emphasizing that international reach that’s key to the company’s success. Gauvain is proud of what the bank has achieved as a business, especially of the reputation it has built up in the market — and it’s something he’s laser-focused on advancing throughout his tenure.

“We’re known for making things as easy as possible for clients and brokers to deal with us, and that’s the Skipton International difference, that’s what really sets us apart from other bigger more recognizable brands,” he said. “We’re there to work with you and for you, to get your deals over the line. Feel free to give us a call — we want to hear from you.”