A response to packager feedback received by the firm, the programme concentrates on three main areas: application forms, legal documents, and valuation forms.
Application forms have been cut from 24 to 8 pages, legal documents have been standardised, and the length of valuation forms has been slashed by more than 80 per cent - from 40 pages to 7 pages.
William Hodson, CFO of 5D Finance, said: “This is the latest in a long series of changes 5D Finance has been making since the Spring. We have spent the last four months improving our systems, our documentation and the way we interact with packagers. We have simplified our CCJ credit criteria. The standardisation of our legal documentation and the simplification of our valuation reports is the icing on the cake – it is the culmination of four months of effort.”
Owen Espley, COO of 5D Finance said: “We have listened to our packager partners and taken note of their feedback. They told us our legal documentation was unlike anything any other mortgage lenders used – we’ve addressed that. They told us our application and valuation forms were too long – we’ve addressed those concerns, too. It is now easier than ever to do business with 5D Finance.”
