Leading UK residential property data specialists WhenFresh has launched its new MortgageChecker solution, which enables lenders and brokers to significantly streamline mortgage application processing, to provide faster, better service to customers, as well as saving time and money.
On receipt of each new application, the lender simply accesses their MortgageChecker App and enters the:
> Property Address
> Agreed Sale Price
> Requested Mortgage Amount
In real-time, MortgageChecker then interrogates WhenFresh’s vast property data assets and remote valuation tools to instantly screen the property against lending rules and LTV criteria, as well as checking for any potential Title issues, such as flying freehold or restrictive covenants.
MortgageChecker then immediately returns a result for each mortgage application, based on a traffic light system:
GREEN – PROCEED DIRECT TO LEND – Where the property clearly and fully meets lending rules and LTV criteria, the lender make an immediate mortgage offer (using an AVM valuation if needed), with no need for a physical property inspection/valuation.
AMBER – PROCEED, SUBJECT TO STANDARD SURVEY – Where the property is a border-line pass of lending rules and LTV criteria, or where MortgageChecker identifies potential issues, the lender should “proceed with caution” using a standard or desktop survey.
RED – BEWARE, SIGNIFICANT ISSUES IDENTIFIED – Where the property falls outside the lending rules and/or LTV criteria, MortgageChecker highlights the issue to the lender so they can make an informed decision as to whether and how to proceed before incurring costs.
To find out more and book your demo, visit https://www.whenfresh.com/service/mortgage-checker/
Nottingham, UK, 15 February 2022 ● Partnership will inject valuable property related insight into key processes to enable timely and more appropriate customer engagement ● WhenFresh, creators of the UK’s ‘residential property data bureau’, is the latest leading UK data provider to partner with Connected Data UK households are facing a ‘cost of living’ crisis […]
London, 12 November 2021: As the COP26 summit in Glasgow draws to a close, property data specialists WhenFresh have announced a major extension to their climate change offering by making Ambiental’s FloodScore™ Climate data suite available via its award-winning API. Ambiental’s FloodScore™ Climate enables the (re)insurance and banking sector to respond to the Bank of […]
The full FinTech Global INSURTECH100 2021 has just been released – featuring WhenFresh The FinTech Global INSURTECH100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts and is described as the top 100 companies every leader in the insurance industry needs to […]