BTL Hub integrating IntelliVal – Case Study

Buy to Let Hub integrating the CoreLogic AVM solution (IntelliVal) meets PRA SS13/16 underwriting standards, while streamlining processes and automating operations previously carried out manually. The solution reduces the administration burden on brokers during the underwriting process and provides a robust platform for lenders to make accurate loan application decisions.

The software allows lenders to configure their own rules around Interest Coverage Ratios and Loan-To-Value exposures and manage them in real-time in accordance with the appropriate risk appetite and exposure levels within their business. It also enables brokers to 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.

Direct integration of the CoreLogic AVM enables underwriters to evaluate all properties within a client’s portfolio as part of the stress testing process carried out within the Buy-To-Let Hub.

Some of the core benefits include:

• Lender dashboard providing status updates, including connected brokers and number of applications submitted, passed and referred
• Ability to control Buy-To-Let Hub system users, including internal teams and link requests to work with external brokers.
• Configurable lender specific rule parameters against interest rates, thresholds and tolerances, enabling applications to be evaluated against these values.
• Ability to see current EPC ratings against each property in a portfolio, flagging properties that don’t meet minimum standards.
• Automated stress testing against landlord or broker submitted property values, supported by data from CoreLogic AVM (IntelliVal).
• Instant PDF summary reports created for each application and automatically emailed to specified recipients in real-time.
• Easy access to view audit trail for each application at both a portfolio or property level.

Marylen Edwards, Head of Buy-to-Let  at Axis Bank commented:

“Buy to Let Hub is an inspirational tool and Axis Bank are so pleased to be 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 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 for their support during the launch and their ongoing assistance and support offered to our Broker Partners.”

Paul Balaam, Buy-To-Let Manager at Axis Bank added:                              

“The AVM figures can give the lender a better insight into the whole of an applicant’s portfolio, so that if elements appear to be under or over achieving, these can be reviewed if necessary. It can also highlight potential areas where rental demand may be decreasing, or potentially increasing with greater rental demand.  Overall the AVM figures can give the lender a clearer insight into the applicant’s portfolio and its performance.”

David Whittaker, CEO at Keystone Property Finance commented:

“Keystone was one of the early adopters / pioneers of the BTL Hub and as such we have benefited significantly following the introduction of PRA SS13/16 legislation. Utilising this technology has enabled us to streamline the process, avoiding the traditional approach within Financial services of increasingly expensive internal resources. The Buy to Let Hub allows brokers to upload their clients excel spreadsheet of properties, then converts the data into the correct format for Keystone’s Application Submission System. The resulting document can then be submitted as part of the normal application process. It can also be saved by the broker for record keeping purposes and sent on to the client.”

Mike Freeman, Head of Lending at Keystone Property Finance added:

“The AVM uses advanced analytical technology to enable large volumes of data to be analysed. It has proven to be extremely cost effective, whilst providing reliability and FSD accuracy. Having the capability to review any size of portfolio in one automated process, eliminates the need to analyse portfolios on a case by case basis, a previously lengthy, time consuming and costly method. The AVM will review all relevant properties in a portfolio for valuation, providing a quick, yet thorough and reliable analysis. This time saving, and assurance allows the underwriters to focus their attention on the cases that fail under the stress testing rules, rather than having to underwrite every single case.”

As of December 2018, we now have 8 Lenders using the BTL Hub software. Click here for more information.