The promise applies to decisions-in-principle (DIP), case placement and all applications received through the DIP response service, and has been made in response to broker feedback.
Announcing the launch, Marc Turner, head of sales at Abacus Permanent, said: “There are too many companies within the industry today that are only too happy to procrastinate regarding service standards, yet few which actually issue their standards into the public domain. However, here at Abacus, we are proud to be in a position to do just that. Leading service standards are of paramount importance to us.”
Clare Osunjimi, office manager at Abacus Permanent, added: “Our commitment is to provide a guaranteed 24-hour turnaround on all decisions-in-principle and case placements. We are in the enviable position of being able to offer an efficient and incomparable experience to both new and existing mortgage intermediaries.”
Paul Hunt, head of marketing at Platform, said the launch of the Abacus system would benefit brokers. He said: “Mortgage intermediaries tell us time and time again that consistency of service and accuracy of information are key when choosing a provider and, on many occasions, will be of more importance than headline rate. The initiative by Abacus Permanent recognises this and I am sure it will be welcomed by the mortgage intermediary community.”
However, Stuart Inman, indpendent financial adviser at My Mortgage Direct, said the enhancements to the system and the turnaround promise should now be commonplace. He argued: “A 24-hour turnaround time should be the standard set for most firms. It is in line with what most other lenders are trying to do, but must be an improvement on Abacus Permanent’s original service.”
