Shawbrook has said that, following the launch of its new online application process for residential loans last month, brokers are benefiting from efficiency savings.

With reduced duplication and in-built pre-population functionality, E-AIP is designed to act like a digital underwriter, providing a firm lending decision to brokers’ clients using the data it receives. To date, 89% of all applications have received an Indicative Mortgage Offer (IMO) either within 15 minutes, or within 4 hours for referrals.

For those cases which are referred, the bank can quickly tell the broker as to the reasons why. Common issues include the security undergoing recent unspecified refurbishment, or there being missed payments on a client’s credit history. These referred cases are looked at by a specialist Shawbrook lending manager within the new timeframe (as opposed to the historic SLA of 72 hours).

Comparing the initial week of launch and the week ending 13 May, the percentage of applications resulting in an IMO being received in 15 minutes or less has more than doubled.

Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook, added: “The E-AIP system was designed to provide increased convenience and speed during the application process for broker partners. We’re thrilled to see that the initial enthusiasm from brokers has been maintained since launch, with delivery statistics indicating that the upgrade is performing and having a beneficial impact on their business.

“Ultimately, we all want the same thing – smooth case progression for the benefit of the customer. With this resource becoming ever more popular and efficient, our broker partners will be the beneficiaries moving forward as we seek to boost the volume of applications that ‘IMO’ within 15 minutes.”