The new priority service is for new applications received that include all the necessary client documentation on day one and will ensure they are presented to an underwriter for credit review within 24 hours of receipt.
Simon Read, Managing Director - Lending at Magellan Homeloans, commented: “We’ve invested heavily in both staff and systems to ensure that we can provide our intermediaries with an enhanced level of service. The new systems, which are now live, offer complete transparency to intermediaries and allow us to deliver tangible service benefits to those who send us the right documentation at the outset.”
Magellan has not only recruited further specialist staff, but has also upgraded its mortgage processing system so intermediaries are notified of the case progress at every stage of their clients’ application. For example, on submission of a DIP a dynamic list of supporting documentation, based on the client’s personal circumstances is provided. Not only are intermediaries now provided with a borrower specific ‘shopping list’ of documents upfront, but it also highlights which ones are required to ensure the application benefits from the new priority service.
Simon Read added: “Our MI confirms that applications are usually delayed because of missing or drip-fed client documentation. By giving intermediaries immediate and dynamic information about the supporting documentation required, they are in control of their application turnaround times and thereby can access faster mortgage offers. Having trialled this for a month now, we’re achieving turnaround time from application to fully manually underwritten and sanctioned mortgage offer in just 10 days.
By offering this new priority service for new ‘fully packaged’ applications, we’re ensuring they don’t get held-up by applications that are missing information. The changes we’ve made to the way in which we keep intermediaries informed and the way in which we prioritise applications, means our turnaround times are amongst some of the best currently available in our sector.”
