Shawbrook updates processes ahead of PRA changes

Shawbrook Commercial Mortgages has implemented the necessary changes to its systems and processes ahead of the PRA underwriting changes which come into effect on the 30th September.

Related topics:  Finance
Rozi Jones
28th July 2017
retirement property

The changes will require lenders to ensure they have a fuller picture of the borrower, and a complete understanding of their position with regard to their investment portfolio.

Shawbrook has a produced a Guideline Document for its brokers, introducers and their client base which spells out the relevant internal changes at Shawbrook, as well as how portfolio borrowers (with four or more mortgages properties) may be affected in the future.
 
Karen Bennett, Managing Director for Shawbrook Commercial, said: “It's important to note that whilst the changes are likely to have little impact on Shawbrook or our brokers, we do recognise the need to support the wider market further. That’s why we’re planning further educational content over the coming weeks. A senior member of our Credit team will be on hand (via a webinar series) to talk through the changes step-by-step, explaining what the impact will be both for brokers and their clients.
 
“The pace of regulatory change we have seen in the past year highlights the need for brokers to build strong relationships with specialists, and we look forward to supporting brokers as they shepherd their clients through this next phase in the PRA’s new underwriting standards.”

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