We’re taking a look behind the scenes at CHL Mortgages to tell you what happens when you place a mortgage application with us. From the very start of the process through to completion, we’ll introduce you to the teams that make things happen and speak with some of the people that help get your cases over the line.
In the second part of our series, we’re focusing on our Underwriting team.
Introducing the Underwriting team
We met with team managers Daniella Matthews and Steve Thompson to find out a little more about the role of our Underwriting team in getting your cases ready for offer and completion.
How does a case come through to the Underwriting team and what happens next?
Steve: Once an application arrives with us, our Lending Support team will take a look at it first to make sure we’ve got all the information we need. They’re the first point of call for all broker onboarding and handle any enquiries about registrations, criteria requirements and documentation. Once they’ve been dealt with, it will be sent on to us here in Underwriting, where it’s then up to us to assess the case.
Generally, underwriters have their own pipeline of cases, but the team will chip in and help each other out to meet turnaround expectations at particularly busy times or during periods of holidays or sickness.
How does the underwriting process work?
Daniella: We’re responsible for assessing and approving buy-to-let mortgage applications. We review each case to understand whether it’s something we can support, based on how comfortable we are with the overall profile.
Ultimately, we need to be sure that both the rent and borrower profile safely support being able to repay the mortgage now and if rates rise. To answer this, we consider a number of factors. We’ll look at the property and ask ourselves things like “Does the property present well for lending?” and “Is the property in a condition that supports the case effectively?”. We’ll also assess the profile of the customer. How strong is their credit profile? What does their background look like? If the rent stops coming in – whether that’s because of a missed payment or a void period – do they have enough income to cover the mortgage? Do they own any other properties?
I like to think of it as a jigsaw puzzle and we’re trying to put all the pieces together. At the end of the day, we’re trying to facilitate an offer for the customer; we want to be able to say “yes” and will always look for reasons to do just that. A desire to lend is definitely our starting point.
How long does it take for a case to pass through the underwriting stage?
Steve: We aim to fully underwrite an application in 10-15 working days, but it depends on the complexity of a case – some go through quicker.
How many underwriters are there in the team?
Steve: There are 20 members of the team in total – some in our Wrexham office, some in our Fleet office and some based remotely.
What do you enjoy most about working in underwriting?
Daniella: I know it sounds like a cliché, but no two days are ever the same. Each case is unique and I really enjoy the variety of the work. I’m always learning something new and seeing things that I haven’t come across before and I love the challenge of being able to help find a solution for the borrower.
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