E:valuate takes information from a decision-in-principle (DIP) request and provides the broker with an evaluation table of product matches across the Advantage panel of lenders. Brokers can search for a binding decision on branded products via panel lenders who offer this facility only or for a binding decision plus the best of non-binding decisions across its panel.
E:valuate also provides an audit trail. The data entered for the DIP request can be stored, saved and retrieved and it also pre-populates into Advantage’s online generic application form which is accepted by all panel lenders. Advantage says it always matches or pays higher procuration fees on branded products than going direct to the funding lender.
Peter Bass, head of sales at Advantage, said: “It’s been well-documented that the current sourcing tools don’t cope well with non-conforming products and the e:valuate system not only sources from over 2,000 non-conforming deals, it provides ease of selection at DIP response stage too.”
“We believe the system enables brokers to convert non-conforming enquiries into completions and make more profit. It’s a fact that where a binding decision is delivered at DIP stage the completion ratio rises considerably,” he added.
Rod Murdison, proprietor at Murdison & Browning, said: “Anything that does the job of proving you have researched the most suitable product for the client is to be welcomed. My fear with smaller packagers who solely specialise in non-conforming lenders is maybe the applicants could have had a near-adverse rate from a high-street lender or their credit could have been cleaned-up without redemption penalties in two as opposed to three years. This would seem to address that problem.”
