The BM Solutions IT Index asked over 200 intermediaries the application to offer times they experience from lenders throughout the industry. This index has been taken quarterly since 2005 and shows an trend towards speedier application to offers.
Highlights:
- In Q1 2007 the average industry time for application to offer was 10.7 days. This has reduced from 12.3 days in Q4 2006 and 14.2 days in Q4 2005.
- In Q1 2007 the average BM Solutions application to offer was 6 days.
- BM premier desk average is 5.6 days.
- Automated Valuation Model (AVM) introduction in Q1 has enabled a BM application to offer in just seven minutes.
Iain Williamson, head of key accounts at BM Solutions said, "It's fantastic that brokers using BM are getting from application to offer in just 6 days. We've also embraced new technology so that they have the choice of selecting an AVM to reduce this further still. To think that a broker has got from application to offer in just seven minutes is ground breaking. We always try to make brokers' lives easier, and this shows how we're reducing the burden of time and administration – the things that matter."
