The form, which is in the process of being printed, will be ready for use from 31 October and is fully compliant with all FSA regulations.
John Rice, managing director of RAMP, said: “The application process as it stands is full of frustrations for the packaging community largely because of the high number of differing application forms that we have to deal with. This form will save an absolute fortune in terms of time and money. It will be a real asset for both RAMP and its lender partners.”
Stephen Atkins, managing director of the Freedom Network, commended RAMP for getting all of its lenders to agree on a single application form. However, he cautioned that single applications could allow brokers to re-submit failed applications to a different lender without having gone through the correct client disclosure process. “RAMP will have to ensure they have strict rules and procedures in place to prevent this as it will be illegal from 31 October,” he said.
Tony Jones, managing director of Pink Home Loans, said the move would not only lead to quicker processing but would mean that brokers would make fewer mistakes when completing applications. “We have had generic applications for a number of our lenders for several years now and we have found that brokers make fewer errors with the form as they use it more frequently,” he said.
Jones said this naturally led to a better turn around time for cases.
News of the standard application form comes shortly after RAMP unveiled its member code of conduct. The code sets down a range of standards from compliance to training and succession management.
