"Our increased use of AVM and AIV generally decreases the workload for brokers too, making the whole journey more seamless."
Atom Bank has announced that more than one in five (21%) mortgage applications were approved on the same day over the last four months, with over a third (34%) gaining approval the same or next day.
Atom says it has achieved such speed to offer through greater use of automation, with more than half (58%) of all cases, purchase and remortgage, being supported by either an Automated Valuation Model (AVM) or Automated Income Verification (AIV) which removes the need for brokers to submit payslips in many cases.
Atom has also been running near prime customers through an AVM, demonstrating that traditionally more complex customers can benefit from increased automation.
Atom’s increased use of automation means that in many same day cases, offers come back in a matter of minutes, with broker feedback pointing to some offers being accepted in seconds while they are still on the phone to their client.
Richard Harrison, head of mortgages at Atom Bank, said: “We can offer brokers and their clients lightning-fast application to offer, supported by greater automation. A number of brokers have actually said to us that they’ve received the offer back in seconds whilst still on the phone to their client. Our increased use of AVM and AIV generally decreases the workload for brokers too, making the whole journey more seamless.
“What’s more, it’s not just low LTV remortgage customers with a clear credit record benefitting from this service. We’re using this technology for purchase customers across all LTVs, changing perceptions on what is possible and helping more people to move.
“While we may be industry leading now when it comes to speed, this certainly isn’t the limit of our ambition. The mortgage process is ripe for disruption, and we’ll keep using automation to improve the journey in order to offer better value to brokers and their customers.”
