Digital Credit Underwriting Tool

Catalyzed £8 million in underwritten buy-to-let investment loans, surpassing the target by 60%.

Credit analysis at OakNorth was done manually, even for less complicated, small-sized loans. This took a lot of time and was not cost-effective.

To develop a digital underwriting tool for buy-to-let investment properties in the UK. The tool allows a credit director to see the property's fair market valuation and rental estimates using 3rd-party data providers for comparable properties, yields, and other valuable metrics.

I was responsible for understanding the problem statement. Our objective was to explore if we could set up a new revenue line for the bank through buy-to-let investment properties. This required a thorough understanding of the as-is process, mapping it, identifying inefficiencies, and then proposing a solution to remove the inefficiencies.

The major challenge we faced was from internal stakeholders, who were unsure whether such an initiative would work at OakNorth, given the bespoke nature of our lending. We worked with them, addressed many risks raised by teams, and finally agreed to go for a pilot.

The tool helped reduce underwriting time from two days to a few hours. Based on user feedback over three months, we implemented 30+ enhancements.