Shawbrook Bank’s commercial mortgages division is making public its performance across its service level agreement metrics and will publish the results monthly.
Karen Bennett, sales and marketing director, Shawbrook Bank, said: “We’re always looking for ways to show our commitment to improving our services and publishing these figures on a regular basis will help prove this.
“We welcome feedback from our broker partners on their experience of our services. We’ll be bringing out the figures every month and we hope that this openness will help set the standard for transparency in the industry. We invite others to do the same.”
Last month processing was a key area focused on in terms of new applications and post. In July a total of 4,677 items of post were worked, with 1,120 relating to short term loans and 3,557 to term loans. Of new term loan applications over three-quarters (77.2%) were processed within 48 hours, with almost all (98.5%) being processed within the targeted 72 hours. In the short term loan arena, an area requiring much faster processing, over four-fifths (84.8%) of new applications were processed within four hours. In short term loans, over half (53%) of all instructions completed within a 30-day time-frame and nearly a fifth (18%) completed within 10 calendar days. On the term mortgage side almost half of instructions completed within 40 days and a third (33%) completed within 30.
Processing times for valuations
• Business Valuations: 12.86 days (June – 16.75 days)
• Commercial Valuations: 10.54 days (June – 11.51 days)
• Residential Valuations: 6.81 days (June – 7.47 days)
• STL Commercial Valuations: 7.57 days (June – 7.05 days)
• STL Residential Valuations: 3.74 days (June – 6.19 days)
• STL Refurbishment Valuations: 4.0 days (June – 5.4 days)