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20 November 2014

Shawbrook Bank has seen a considerable improvement in turnaround times and efficiency in October for short-term loan (STL) cases thanks to its dedicated STL team and Pure Law’s STL team, despite larger work volumes.

 

The short-term lending team performed well throughout October, ensuring 95.1 percent of all new applications were dealt with within four hours, up from September’s figure of 88.7 percent. This was even more noteworthy considering the volume of post items worked rose from 1,119 in September to 1,269.

 

October also saw the performance of Pure Law’s short-term loan team improve significantly, with 55 percent of instructions completed within 30 days, and over 30 percent within 10 days.

 

By sharing its Service Level Agreement (SLA) metrics, Shawbrook is underscoring its commitment to transparency as the FCA increases its scrutiny of the mortgage market. Accurate data quantifying the lender’s services enables brokers to see exactly what they are selecting and make better informed decisions, leading to improved customer outcomes.

 

Valuations

 

• Business Valuations: 16.67 days (Sept – 8.33 days)
• Commercial Valuations: 10.88 days (Sept – 10.80 days)
• Residential Valuations: 5.52 days (Sept – 5.87 days)
• STL Commercial Valuations: 7.72 days (Sept – 8.04 days)
• STL Residential Valuations: 3.82 days (Sept – 4.00 days)
• STL Refurbishment Valuations: 5.80 days (Sept – 4.64 days)

 

Two challenging business valuations had a sizeable impact in October when valuers at two properties were unable to gain access due to the owner being absent. They demonstrate how vital it is to ensure someone is present at the property to allow the valuers access and achieve a fast turnaround.

 

Legal

 

The non-representation option is gaining real traction, demonstrated by the fact that 82 percent of cases proceeded to completion within 30 days of instruction, compared to 55 percent when the clients elected to have their own solicitor representing them. Another salient point is that, for the first time, no cases took longer than 91 days and only 2 percent took over 61 days.

 

 

Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank said:

“October’s figures are indicative of a healthy market and it’s pleasing to see that when a case demands speed, our STL team and Pure Law’s STL team can deliver. We believe sharing these figures around our processes helps brokers when sourcing a lender for their client and assists them in achieving a positive customer outcome.”

 

 

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