WhenFresh is the UK’s Residential Property Data Bureau and provides Mortgage Lenders with instant access to all the data they need to make faster, better-informed decisions throughout the full mortgage lifecycle, from initial application tight through to securitisation.
WhenFresh Decisions-as-a-Service provides instant, remote property risk assessment – complementing the credit bureau services which assess consumer credit risk – and is delivered via a suite of 4 modules:
LOOP – Equivalent to a digital ‘Property D.I.P.’ whereby each new mortgage application is instantly and remotely screened against lending rules, LTV criteria and Title issues. Typically 5-10% of applications are rejected at this stage and ‘loop’ back to the broker/applicant(s), before the lender has invested money and resource processing applications which would fail at a later stage.
PATH – Equivalent to a digital ‘Property F.M.A.’ this deep-dive, data-driven triage evaluates the property, valuation and title to assess current/future risk and inform the lender which ‘path’ to choose. This separates the 60-80% of properties where an AVM will be sufficient to move to an immediate mortgage offer, from the 20-40% where a desktop, drive-by or full physical survey of the property will be required.
WATCH – Live alerts across the portfolio to flag any issues which may impact each property’s value or risk.
WRAP – Property data enrichment to prepare & segment a mortgage book for optimum securitisation.
Each module can quickly and easily be tested against any lenders existing processes – so please click here to find out more and to book a call/demo.
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/