Specialist lender Paragon has partnered with eTech to streamline the application process for portfolio landlords by rolling out its web-based workflow management system.
The system helps intermediaries meet PRA underwriting standards for landlords with large-scale property portfolios by allowing them to easily import landlord data easily from multiple spreadsheets.
Data is then verified automatically and converted into a Paragon-specific template prior to submission.
John Heron (pictured), managing director of mortgages at Paragon, said: “Technology is set to revolutionise the mortgage industry and this is a perfect example of a web-based application being deployed to streamline a complex process.
“The new PRA standards rightly call for comprehensive underwriting of portfolio landlords but this can make the application process cumbersome and slow.
“The eTech system provides a single data entry point for intermediaries and lenders, as well as online verification of key information, taking away the need for multiple data input and manual checking.”
Property details including preliminary valuation information and achievable rent are independently verified using online sources.
Current EPC ratings are also displayed against each property in a portfolio and automatically updated via the EPC register.
Mark Blackwell, chief operating officer at eTech said: “We are delighted to be working with Paragon who are true specialists in the field of portfolio lending.
“Our Buy to Let Hub will simplify the administration burden for lenders and intermediaries surrounding mortgage applications for portfolio landlords, which has come about as a result of more comprehensive underwriting standards laid down by the PRA.”