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Jessica Darnbrough
AMP has streamlined its third party distribution offering with the announcement that it will now enable mortgage brokers to order upfront property valuations.
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From today accredited brokers can order a property valuation online prior to submitting an application for an AMP Bank home loan.
Previously, property valuations were conducted after a home loan application was submitted to AMP. This could result in a longer and more complicated loan process if the property valuation is different to that on the application.
According to AMP Bank’s head of sales and marketing Steve Craig, the new system was designed to streamline the mortgage process for brokers.
“Having greater responsibility for the valuation process is something our brokers and planners have been asking for. This is because the property valuation determines the loan to value ratio (LVR) which can in turn affect which lender or product is recommended to borrowers,” he said.
“The new process means brokers and planners will now be able to submit the loan application and property valuation together. The benefits to distributors and borrowers are significant – quicker speed to formal approval, less reworking of applications, and more certainty around the outcome of the application. This will allow our distributors to set clearer expectations for borrowers, giving them greater peace of mind and a higher level of service.”
Upfront valuations will be available to all accredited mortgage brokers and financial planners for new business and simple loan increases. Exclusions apply for complex loan variations and construction loans.
