Blog post
March 11, 2024

How proper packaging can speed up mortgage applications

Experience faster applications through the LendInvest Mortgages Portal.

Over recent years, different innovations – from credit-backed DIPs to AVMs – have revolutionised the mortgage application process. Making mortgages simple for more mortgage brokers and their customers. 

We have made significant steps towards streamlining the application process further by introducing technological innovation to our Mortgages Portal (now hosting our Buy-to-Let product range too!). 

Here’s a breakdown of how packaging plays a vital role in the speed of your customers’ application, and how our Mortgages Portal has innovated the process. 

We spoke to Tom Steer, Underwriting Manager at LendInvest Mortgages about packaging, and the frequently asked questions we receive on the topic. 

Why do lenders have minimum packaging requirements?

Minimum packaging requirements are often implemented to ensure the lender has the information required to make a decision at underwriting. These act as a benchmark of information needed for your customer’s case. 

Additionally, minimum packaging requirements allow for better communication with our brokers – cutting down the back and forth, encouraging a simpler application process. 

Packaging can be overlooked, but what’s the real benefit to doing this to the best of your ability?

Customer scenarios are unique, and our underwriters take their time to process your customer’s application on a case-by-case basis – taking a moment to understand the ins and outs of the borrower. 

Packaging to the best of your ability facilitates faster decision making. Enabling our underwriters to notify the broker straight away if the deal can progress through the process sooner. 

What tips should mortgage brokers know when packaging a case with a lender?

One tip I always recommend to our brokers is – the more information, the better. 

Underwriters can never have too much information on a case, and this maximises the potential of a case progressing quickly through our mortgage application process.

What technology do we have in place to make the process of packaging smoother?

Our API’s (a fancy abbreviation for two platforms speaking to one another) between Jumio ID and Open Banking allow for automatic checks of your customers identification and documentation. 

The Mortgages Portal also facilitates brokers to supply customer portfolio data directly to the application, the technology behind the portal then uses smart logic to determine whether a full portfolio breakdown is required. 

All of these checks have one thing in common – they reduce the work of our underwriters and as a result, the broker needs to take action. Making the mortgage application process simpler, faster and streamlined for the customer.

Experience faster applications through the LendInvest Mortgages Portal.