Kensington Mortgages is providing its packaging partners with the ability to produce automated valuations (AVMs) on mortgage applications.
The lender says the facility will enable packagers to produce their own AVM on a case cutting the time it takes Kensington to issue a fast track mortgage offer.
Earlier this year Kensington launched K-link, the first large scale connectivity programme of its kind, allowing packagers to link into Kensington’s e-commerce system, K-net, to provide their brokers with binding decisions and key facts illustrations direct from the lender.
In October it launched its fast track mortgage offer, using AVMs, on remortgage applications submitted online for loans up to a maximum of £150,000 on properties worth up to £500,000, and with a maximum loan to value of 75%.
Ian Giles, director of marketing at Kensington Mortgages, says: “At Kensington we are harnessing technology to make it easier for brokers to do business in the way that they choose. Brokers want the certainty of very fast offers, and this is what we have given them. And in the specialist market the majority of brokers want to use the expertise and experience of a packager, so we have rolled out this AVM technology to our packaging partners, enabling them to instruct and produce an AVM for their customers, streamlining the process even further.”
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