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What is ADP? Find out how our Auto Decision Platform can rock your lending world in our video below.
New tool for estate agents
Identity and compliance checks can be carried out in a fraction of a second thanks to the launch of automated technology into the estate agent sector. LendingMetricshasmade itsaward-win- ning Auto Decision Platform available to letting and sales agents so that they can use it to fulfil their customer due diligence (CDD) requirements. The AIP platform is already used extensively in the finance sector, where it delivers near-instant underwriting decisions on prospective borrowers. Estate agents have been required to conduct CDD checks on lettings as well as sales activity following a change to the law in January 2020. In addition to sales, CDD must now be carried out on both the tenant and landlord for higher value rental agreements. However, many agents have adopted CDD on all
their letting agreements to ensure best practice across their business. Estate agents are mandated to have in place systems and procedures that record all CDD activity. LendingMetrics’ Auto Decision Plat- form (ADP) is an effective platform for conducting these CDD checks, and uses both Open Banking and multiple credit bureau data to deliver near-in- stant results. ADP can be utilised for thorough checks including KYC (know your customer), KYB (know your busi- ness), identity verification, AML (anti money laundering), PEP (politically exposed persons) and suspicious activ- ity detection decisions. The technology then ongoingly conducts automated risk monitoring of individuals and busi- ness customers. A recent update to ADP means that on-boarding searches can now be run against multiple bureaus in sequence, with checks re-routed to second and
subsequent bureaus should a profile fail at any stage. This ‘waterfall’ handling of checks and the involvement of multiple agencies maximises the chances of a successful screening. What’s more, all CDD checks run through ADP will generate an electronic audit trail that can be provided to reg- ulatory authorities should they request one, ensuring agents are able to comply to regulations effortlessly. LendingMetrics’ Director David Wylie said: ‘ADP is going to save agents a lot of time and money because it provides an automated and frictionless route through the compliance and regulatory minefield. Estate agents want an accu - rate, automated CDD platform that runs in the background, ensuring full compli- ance without getting in the way.’ If you're in the estate agent business and want to find out how ADP can help with CDD checks, get in touch for a dis- covery call today.
Frequently Asked Questions What if I want to retain that human touch to my underwriting? The degree of automation is totally within your control. You can provide fully binding decisions or simply an approval in principle. You can even give binding answers to people above a certain credit threshold and an AIP to others requir- ing more in-depth investigation. The choice is yours. Isn’t this type of software expensive?
Why is ADP different to other credit decisioning products? Unlike nearly every other product out there, ADP puts you in total control of changes to your decisioning; how you want to change it and when you change it. No more lengthy IT delays and no more charges for technical changes. The simple UI enables your operational staff/credit-risk officers to make changes at a user level (subject to permissions). Can I use ADP for champion / challenge and retro analysis? ADP has several novel and unique tools to enable real time “what-if” and “champion/challenge” of your client’s data. This enables your business to test several possible improvements to your credit policy all at once, without impacting on your live lending activities.
Generally yes! However, ADP by LendingMetrics is a posi- tively disruptive force in the market and prices are tailored to your business. Affordable entry level pricing right up to enterprise. Put it this way: we think you’ll be pleasantly sur- prised when we show you what you get for your money.
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