Offering four alternatives, Promise Finance is aiming to give brokers more control of the process. If clients are sure of the data supplied, then the first option improves the speed at which Promise Finance receives applications and affords brokers the opportunity to help clients complete the paperwork correctly. The four options that brokers can choose are as follows:
1) Print off the necessary documentation immediately, allowing clients to sign the application and receive copies of the loan agreement at the point of sale.
2) Wait for Promise to further validate the land registry searches and information that has been supplied electronically, before printing off the documentation, which can then be completed as necessary. For applications received before 3pm the documentation will be available later that day.
3) Arrange for a courier to visit their client with the documentation and obtain the required signatures.
4) Leave Promise Finance to send all of the paperwork to the client for them to sign and return.
On top of the convenience and time benefits created by the second option, allowing Promise Finance to check the information supplied will help eradicate mistakes at an early stage and stop the need for forms to be passed back and forth between parties. Offering to send a courier out to clients will ensure they deal with the paperwork immediately and prevent applications sitting for weeks before they are filled in and returned. Alternatively, Promise can send the client the paperwork by post. The IT offered by Promise Finance already allows mortgage brokers to access the secured loan market without having to go through a specialist broker and the new improvements further enhance their ability to deal quickly, efficiently and compliantly in this sector.
Steve Walker, managing director at Promise Finance, said: "We are working towards a more efficient process that empowers brokers, improves service and speeds up turn around times. We also want to make sure that clients get accurate information at the point of sale. This is a central part of the Treating Customers Fairly principles and we believe this new system is a huge improvement on what is currently being offered to customers in this market.”
