As part of the trading platform, intermediaries will be able to provide a full online application, with a decision in principle (DIP) issued in seconds. Nationwide has also confirmed that it is to launch a product reservation feature, which allows intermediaries to reserve products without keying in property details. Intermediaries will also be able to ‘save and exit’ the DIP process at any point.
Nationwide will also improve the features availabel on the Mortgage Trading Exchange (MTE). As part of the enhancements, brokers will be able to offer a full online application, with no printed application required. UCB Homeloans has made similar improvements, with the launch of its e-trading platform, iSite, which include online calculators and case tracking.
Commenting on the changes, Tim Hughes, head of intermediary markets at Nationwide, said: “Broker registration now takes about two hours, and changes to our website mean that if there are any product alterations we can inform brokers with the desktop alert."
Gary Webster, head of sales and business development at UCB Home Loans, added: “The improvements are not instead of our current position, but in addition to, so it is a win win for brokers.”
Mike Lloyd, head of sales at Mortgage Bureau (UK), said the launch of the product reservation could prove popular in a rising interest rate market. “I can see advantages of offering a reservation opportunity, but it will depend on market conditions. It also depends on the brokers’ relationship with the client.”
