UTB adds Hometrack AVMs to bridging broker portal

United Trust Bank (UTB) has integrated Hometrack AVM searches within its broker portal for new fast track and standard bridging applications.

It will allow brokers submitting enquiries and decisions in principle through the portal to carry out a Hometrack AVM search 24 hours a day, obtain an instant pass/fail indication, and an accurate valuation at the point of submitting the enquiry.

“We are constantly looking for ways to make bridging applications simpler, quicker, and to give as much certainty as possible from early in the process,” said Gavin Diamond, director of bridging at UTB (pictured above).

“By integrating Hometrack AVM searches within UTB’s bridging broker portal, brokers can very quickly see if the property valuation is going to support the application they’re making, enabling them to proceed quickly or rethink their options.” 

He added that this latest enhancement, especially when combined with its fast-track service, provides a speedy application, decision and completion process, with offers made within 24 hours and funds available to draw a few days later.

Chetan Hirani, adviser at Fluent Bridging, commented: “It’s quick and easy, and not having to wait for the lender to confirm if the AVM has passed not only accelerates the process but is a great selling point for clients; we can tell them straight away it has passed, get the DiP and ESIS, and quote them much faster. 

“Equally, if the AVM comes in lower, we can adjust the figures and liaise with the client to see if they could manage a lower loan amount to avoid a full valuation. 

“Either way it keeps the process moving quickly which, as we all know, is critical in bridging.”

The AVM integration is the latest of several fintech and service enhancements implemented by the specialist lender this year. 

In early 2021, the bank launched its fast-track bridging service with a dedicated team and simplified underwriting process to help accelerate the turnaround times of straightforward bridging applications. 

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