Incorporating current Experian technology, which the lender said ensures data has been validated and conforms to SPML requirements, the DIP allows client information to be formatted onto application forms and KFIs without the need to resubmit common details.
The online system also includes a decision filter that will search for a range of products to match the customer’s requirements and an application retrieval facility that allows previous DIPs to be retrieved and resubmitted.
Along with the launch of the DIP a referral team has been put in place for referred or declined applications so that additional information can be submitted in support.
A further checklist that details any extra documentation required to process the application has also seen a positive response during the system’s trials.
John Prust, sales and marketing director of SPML, was confident the online system would benefit brokers.
“Online access to immediate DIPs will save paperwork and delays, which can only make submitting mortgages easier and more profitable.”
Prust went on to add: “Feedback from trials has been extremely positive and we are confident that the new online DIP will prove to be a great success from day one.”
Martin Reynolds, head of key accounts at BM Solutions, welcomed SPML’s introduction to the online DIP market: “It is always good news for the industry when lenders utilise the advantages available from technology.
“As more and more lenders start to implement online systems it is vital that they do not stop investment in technological solutions. Lenders cannot afford to rest on their laurels simply because they feel they have caught up.”
