Axis Bank has chosen property risk software developer eTech to provide an online solution enabling brokers to easily submit portfolio data online to help lenders meet new requirements for portfolio landlords.
With the introduction of the Prudential Regulation Authority’s new rules on portfolio lending on 30 September, lenders, brokers and landlords are navigating an increasingly complex legislative landscape. eTech’s Buy to Let Hub addresses this compliance issue as well as bringing stakeholders closer together by streamlining processes and automating operations previously carried out manually.
eTech has a strong track record in building software solutions for the mortgage market, and Buy to Let Hub is the latest in a series of products designed to strengthen stakeholder relationships within the property services industry, bringing much needed technological innovation to a market clamouring for innovation.
Through Buy to Let Hub, brokers can upload an entire portfolio’s property details, as required by the regulator. Data cloning enables multiple portfolio submissions to different lenders, with the option to amend data in real time, allowing for faster lending decisions. Automatic address data verification and configurable rules around AVMs add further efficiencies, assisting rapid responses to loan applications.
Marylen Edwards, Head of Buy to Let Business at Axis commented:
“eTech’s Buy to Let Hub is an inspirational tool and Axis Bank are so pleased to have been able to work with eTech in offering this facility to our Broker Partners. The speed from Brokers uploading the portfolio to the assessment landing on our desk takes no more than a few minutes and is a real benefit to our underwriting process post PRA changes. If the portfolio passes our rules then underwriting can continue on the case and effectively we are still meeting service turnaround times from pre PRA changes– that’s an amazing achievement!! Our focus going forward is reiterating to our introducers the importance of having an accurate and up to date portfolio and how by not having the correct information, can impact on the whole application assessment process. Axis would like to thank the team at eTech for their support during the launch and their ongoing assistance and support offered to our Broker Partners.”
Mark Blackwell, Lending and Surveying Services Director at eTech, commented:
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“We’re delighted to be partnering with Axis Bank and their early adoption of Buy to Let Hub indicates their commitment to streamlining portfolio stress testing and simplifying processes for brokers. Since the PRA’s new rules came into force, BTL has become an increasingly niche area for lenders, and investment in online solutions will help the bank capitalise on the opportunities these challenges present.”