This is an on-line agreement in principle (AIP) facility, available from the SPML website to registered users with effect from 14 February. This development follows the launch of SPML’s online product wizard and KFI in 2004, and data from these two facilities can be transferred automatically to the AIP.
The SPML AIP facility uses a decision-filter system. This will deal with any scenario and will also list other products that may be available to clients. If a client has been declined for a particular product, the facility will list those products to which the client may be better suited. The AIP retrieve and search facility also allows intermediaries to view their saved AIPs, change the product chosen and re-submit an application for a decision. Also offered is a dynamic case submission checklist, giving details of what extra documentation is likely to be needed to support the mortgage application, along with an AIP acceptance letter for the client.
Stuart Aitken, SPML’s director of credit said: “We are delighted to have the AIP now available online, as the third element so far of the SPML electronic trading platform. Further features are in development and they will be brought on stream throughout 2005 “
