The Mortgage Lender has teamed up with eTech to simplify portfolio buy-to-let (BTL) underwriting for brokers and portfolio landlords.
The move will make it easier for BTL brokers to provide portfolio information to lenders. It will brokers won’t need to re-key information in different formats for different lenders.
The application, along with the property information, is stored on the eTech BTL hub platform and can be accessed for future mortgage re-broking or portfolio review.
Scott Callaghan, mortgage operations director at TML (pictured), said the introduction of underwriting standards for BTL mortgages launched by the Prudential Regulatory Authority (PRA) has helped formalise the information lenders need to make an underwriting decision.
He added: “Until now it has been open to interpretation by lenders, which has made the process of applying for a portfolio BTL mortgage onerous for brokers and borrowers as each lender has asked for the information in a slightly different format or order.
“By partnering with eTech we are making it easier for borrowers and brokers to submit the information we need in a more standardised format, speeding up the underwriting process and time to offer.”
Mark Blackwell chief operating officer at eTech, said that the online system provides a simplified platform for brokers and ensures clear formatting and accuracy of submissions.
He added: “Loan applications will be tested and processed more quickly, leading to faster response times.
“This BTL hub technology was first developed nearly two years ago to address changes to the portfolio landlord underwriting standards and has seen continuous refinement as part of our close working client relationships, ensuring we continue to meet the needs of both lenders and brokers.”