Bridgewater Bank promises to speed up deals for brokers with three new products and an overhauled service level agreement which will launch early next year.
“This combination of mortgage products and a new robust service level agreement will see that we will respond to deal submission with useful feedback within six hours and that deals are submitted to insurers in less than four hours,” said Todd Poberznick, AVP, B2B Solutions at Bridgewater Bank. “These initiatives were created with the goal of helping brokers and their business.”
The new offerings which Bridgewater said will be available early 2013 are:
A new service level agreement
Advantage features a streamlined pricing structure based on 700+, 650+ and 610+ beacon scores which allows brokers to quickly find their client’s qualifying rates. The Edge simplifies complicated credit processes such as transaction involving discharged bankruptcies and recent paid collections.
The Advantage and Edge programs will replace the bank’s gold, silver and bronze pricing structures but will not affect the Power Compensation Program, said Poberznick.
Bridgewater says Excellence Mortgage deals will be fast-tracked as top priority to the bank’s most senior underwriters for pre-approval. The deals will be submitted to insurers in less than four hours.
The bank’s new SLA, Poberznick said, is aimed at further speeding up processes and reducing stress points in the transaction cycle. He also said brokers will receive “useful feedback” on submission within six hours.
“We will clearly communicate at the four key moments in the deal’s lifecycle,” he said. “Brokers will only have two points of contact for each file and our simple ‘one associate to say yes, two to say no’ principle will close deals faster.”