FMO extends underwriting hours
It is openfrom 8 am to 6 pm Monday to Friday and from 9:30 to 12:30 on Saturdays. These extended service times come into effect on 1st June.
FMO have seen a significant increase in mortgage DIP’s, applications and completions over the first 5 months of 2006 compared to the same period last year. DIP’s are up 78% and mortgage applications are up almost 50% whilst completions have increased 64%.
Debbie Lloyd FMO’s operations director said “Over the past 18 months we have experienced tremendous growth and this is largely attributed to the high service levels we provide the Mortgage Advisers who use us.
“We have managed to maintain our 3 hour DIP turnaround service, in excess of 90% of cases. With 3 of our 12 packaged panel namely GMACRFC, SPML & Preferred we turn around cases from receipt of application to offer on an average of 8 working days. With the addition of another underwriting team this month we are able to accommodate more business and provide extended working hours which will include Saturday mornings.
“Our decision to open on Saturdays is based upon the number of DIP’s we receive from Brokers between Friday and Monday. There is clearly a demand for providing DIP’s on a Saturday with brokers seeing and interviewing clients who require advice on non-conforming mortgages. This is a service industry, and there are many brokers who work on Saturdays, so we are simply responding to this demand. We are currently on target to process over 2500 mortgage applications this year, but we have to be different and maintain the highest levels of service available within the packaging market in order to maintain our projected growth”.