Specialist lending group OneSavings Bank (OSB) has signed leading property risk software developer eTech to design and implement its new online portfolio submission platform ahead of the PRA’s changes to portfolio landlord underwriting standards, that come into effect from 1st October.
The new platform, which is a bespoke solution based on eTech’s Buy to Let Hub, will allow brokers to deliver rapid responses to loan applications, by streamlining portfolio stress testing and income coverage ratio through one simple broker dashboard that allows for continuous monitoring and management.
Designed in collaboration with Mortgages for Business, the new platform puts broker experience at the heart of the system. Intermediaries will be able to upload portfolio property details either directly or via Excel. In addition, the system allows for new portfolios to be generated based on previous portfolio data.
Key criteria variables will then be automated, with the BTL Hub generating and sending a summary report to underwriters, allowing the lender to assess individual cases with speed and efficiency.
The first specialist lender to sign and implement a dedicated underwriting technology with eTech, OSB will allow brokers to provide the required portfolio information in compliance with the PRA’s SS13/16 portfolio landlord underwriting standards through use of this new easy-to-use system.
Adrian Moloney, Sales Director at OneSavings Bank, said:
“As a specialist lender, this sort of bespoke underwriting is in our DNA, so it will be business as usual for us come October. Nevertheless, brokers are our business, and we know they are soon going to be hit with a greater administrative burden, so we want to do all we can to make the transition as smooth as possible.
“I’d like to thank Steve Olejnik and the broker team at Mortgages for Business, as well as the team at eTech for their expertise and insight in enabling us to provide a solution that delivers the functionality that brokers will find most useful. They’ll be able to upload, monitor and manage the portfolio element of their applications in one intuitive dashboard, with a robust back-end that empowers us as a lender to make quick and accurate decisions.
“In just a couple of months, the buy to let market will take yet another step toward greater specialisation, and I hope this tech-driven solution will quickly become the gold standard for brokers coming to terms with the new rules.”
Mark Blackwell, Lending and Surveying Services Director, eTech, added:
“We are delighted to be working with OSB to deliver the industry standard Buy to Let Hub. We have worked collaboratively to provide a solution that supports brokers and landlords and helps make OSB easy to deal with in a market becoming ever more specialist.
“We build software to manage property risk and improve efficiency. This is the start of the digital journey with the Hub with several more phases to follow after September that will deliver more enhancements to the specialist lending market.”
Steve Olejnik, Chief Operating Officer, Mortgages for Business, commented:
“Once again, OSB is blazing a trail amongst the specialist lenders, creating not just a solution to accommodate the new PRA requirements, but also having the foresight to include input from brokers to ensure that the technology is fit for purpose. From our perspective, forewarned is forearmed. OSB's proactivity has helped us to prepare our customers and our processes for the increased administrative burden that all brokers will be required to undertake on the journey to get deals over the line from October onwards.”
If you need any assistance call the main broker hotline on 0345 345 6788.
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