Shawbrook Commercial aligns systems with new PRA requirements
Shawbrook Commercial Mortgages has already implemented the required revisions to its processes and systems to ensure they fall in line with the new PRA underwriting standards that come into effect from the 1st October.
The new requirements being introduced by the PRA on this date will be the final tranche of the changes to underwriting standards and should ensure that, in the future, lenders have a comprehensive picture of their borrowers and a full understanding of the landlord’s situation in relation to their investment portfolio.
Shawbrook, which is ahead of the curve in terms of meeting the new requirements, has produced a Guideline Document for its brokers, introducers and client base. The document outlines the lender’s internal revisions and spells out the ways in which portfolio borrowers (who own four or more mortgaged properties) may be impacted in the future.
Shawbrook is also producing a series of webinars to complement its Guideline Document, which aims to help the broker and investor market with this transition.
Karen Bennett, Managing Director for Shawbrook Commercial said:
“It's important to note that whilst the changes are likely to have little impact on Shawbrook or our brokers, we do recognise the need to support the wider market further. That’s why we’re planning further educational content over the coming weeks. A senior member of our Credit team will be on hand (via a webinar series) to talk through the changes step-by-step, explaining what the impact will be both for brokers and their clients.
“The pace of regulatory change we have seen in the past year highlights the need for brokers to build strong relationships with specialists, and we look forward to supporting brokers as they shepherd their clients through this next phase in the PRA’s new underwriting standards.”
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