Property finance platform LendInvest has added automatic decisions in principle (DiP) in its latest platform update, according to a note from the firm. The goal is to streamline the financing process for residential mortgages further.
LendInvest says that the DiP process is applicable for applications that meet a certain threshold of requirements and then will be automatically approved instead of needing a review by an underwriter. This saves both borrower and broker time as well as removing overall friction from the mortgage-making process. LendInvest states that these instant decisions will be applicable for Tier 0 and Tier 1 mortgage applications.
Esther Morley, MD for Residential Homeowner at LendInvest, commented on the new functionality:
“By launching automatic decisions in principle, we’re not only expediting mortgage applications, but also championing unparalleled benefit for both brokers and borrowers. Speeding up the application process is high priority for the team, and we’re excited to be announcing further platform developments in the coming months.”
