Over the next 12 to18 months Skipton will be focusing on its online programme in an effort to significantly increase the number of mortgage applications it deals with.
Initially set up to allow for a ‘quick hit’ solution for underwriting and instant valuations, the Society hopes its end product to be a fully automated mortgage processing system which will mean the whole application procedure is completed online.
Despite only having completed the first phase of its online strategy, Skipton’s head of lending, Colin Dale, was eager for the system to become fully operational.
He said: “After the full integration of the system we are looking to increase productivity by at least a third. Each application should take 20 to 25 minutes less and with the introduction of the system we want to make it completely automated.
“The system will enable us to provide a totally paperless process that will give a case-tracking facility for brokers and will ensure that all the information is safe and secure in one place.”
Dale went on to add: “Rather than catching up with other companies, we are aiming for our system to be a market-leader when it has been fully implemented.”
Cath Hearnden, director of My Mortgage Direct, believed Skipton’s approach is the right way forward for lenders: “Anything that reduces the time spent on applications is a good idea and we are using online systems more and more.”
