Kensington Mortgages has launched its own automated valuation model (Avm) and electronic identification platform (e-IDs), as part of its K-net e-commerce platform.
The platform will allow the lender to instruct an AVM on a property and automatically check the identity of applicants, speeding up the process to a mortgage offer. The adoption by Kensington of e-IDs and an Avm follows hot on the heel of similar launches by both GMAC-RFC and edeus which have both launched Avms recently.
Automated valuations and e-IDs will be offered free of charge to brokers with automate valuations will also being made available free to packagers.
They will be available 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%.
Kensington has recently increased its commitment to technology through its online platform and comes less than two weeks after Kensington announced the launch of K-link – an integration programme which allows packagers to link into Kensington’s e-commerce system, providing their brokers with binding decisions and keyfacts illustrations direct from the lender.
Ian Giles, director of marketing at Kensington Mortgages, says: “The use of AVMs and e-IDs will create a fast track service on mortgage applications, cutting the time between application, offer and completion and helping to streamline the service we provide. With 11 years worth of experience in the market we know how to create a service proposition that fits the needs of our customers and that means developing our offline service standards alongside our online technology.”
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