Fleet launches instant DIP system
The system has been developed following Fleet Mortgages’ monitoring of its manual DIP process and, after an initial soft launch, introduces an automatic DIP acceptance which is used for cases that score well on its credit-scoring system.
Fleet Mortgages’ manual DIP process will continue to operate alongside the new automatic DIP system, with the lender committed to individual assessment of all cases submitted.
Bob Young, chief executive of Fleet Mortgages, said: “This is not a return to an instant yes without validation however as Fleet Mortgages will still complete a full underwrite of each case once we have received the valuation and the items requested.
“We soft-launched the system last week and we’re pleased to say it is already working well in practice. One adviser submitted a case, received an instant accept via the auto DIP system and the valuation was instructed just five minutes later.
“Not only is this good news for the client but it allows advisers to deliver results quickly and provides certainty for all stakeholders.
“We take our service delivery and levels very seriously as they are critical to our overall offering and we believe the introduction of this system is a significant and important step for Fleet Mortgages to be able to offer to advisers.”
Fleet Mortgages’ products are tailored towards experienced landlords and property investors, and cover mainstream buy-to-let residential mortgages as well as finance for those investing through limited company vehicles and houses in multiple occupation.