BMW Group Financial Services has launched a new ‘Underwriting Excellence and Responsible Lending Programme’.
Launched in partnership with the Institute of the Motor Industry (IMI), the new certification programme offers expertise and training for BMW Group senior underwriters. Participants will improve their ability to accurately assess customers’ current and future financial situations.
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BMW said the course has been designed to reaffirm buyer confidence in the motor finance application and affordability assessment process.
Assessment takes place for up to three years from the date of enrolment, and will be compulsory for underwriting managers to qualify for the maximum credit authority level. Training will be delivered on the job, and will be accompanied by monthly coaching sessions and regular one-to-one assessments. Underwriters enrolled in the scheme will also benefit from ongoing review of cases underwritten to ensure consistent adherence to compliance regulations.
The programme will be offered to the top tier mandate underwriters working across the BMW, Mini and Alphera Financial Services brands.
“There are many highly-experienced professional underwriters on our team who have responsibility for assessing in-depth criteria for every potential customer wishing to finance their car,” said Amanda Powell, head of new business at BMW Group Financial Services.
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By GlobalData“We are proud to be the first lender in the industry to offer IMI certification of this type, with the thorough assessment programme ensuring our underwriters will continue to work to the highest possible standards.”
Steve Nash, chief executive of the IMI, added: “The new Underwriting Excellence and Responsible Lending Programme has been developed in partnership with BMW Group Financial Services to establish a kitemark of excellence for the company’s underwriters. This programme is designed to safeguard those buying a vehicle on finance, providing customers with greater reassurance and confidence that they have been treated fairly and that their financial situation has been assessed as accurately as possible.”
