Demonstrating further its commitment to transparency and continual improvement, the bank will be publishing its performance-related metrics on a monthly basis. These figures will be communicated directly to broker partners and more widely.
Processing was a key area focused on in terms of new applications and post. In July a total of 4,677 items of post were worked, with 1,120 relating to short term loans and 3,557 to term loans. Of new term loan applications over three-quarters (77.2%) were processed within 48 hours, with almost all (98.5%) being processed within the targeted 72 hours. In the short term loan arena, an area requiring much faster processing, over four-fifths (84.8%) of new applications were processed within four hours.
To show the bank’s efforts to progress all valuations speedily and effectively, Shawbrook has broken down the different types of valuations carried out in July, with improvement in almost all areas since June.
- Business Valuations: 12.86 days (June – 16.75 days)
- Commercial Valuations: 10.54 days (June – 11.51 days)
- Residential Valuations: 6.81 days (June – 7.47 days)
- STL Commercial Valuations: 7.57 days (June – 7.05 days)
- STL Residential Valuations: 3.74 days (June – 6.19 days)
- STL Refurbishment Valuations: 4.0 days (June – 5.4 days)
On the legal side of progressing deals, the figures demonstrate Shawbrook’s commitment to fast legal turnarounds. In short term loans, over half (53%) of all instructions completed within a 30-day time-frame and nearly a fifth (18%) completed within 10 calendar days. On the term mortgage side almost half of instructions completed within 40 days and a third (33%) completed within 30.
Karen Bennett, Sales & Marketing Director, Shawbrook Bank said:
“We’re always looking for ways to show our commitment to improving our services and publishing these figures on a regular basis will help prove this. We welcome feedback from our broker partners on their experience of our services. We’ll be bringing out the figures every month and we hope that this openness will help set the standard for transparency in the industry. We invite others to do the same.”
