Service will improve, says Abbey
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Last week it issued a checklist that details the most common problems with applications to ensure brokers adhere to its process.
AfI's website states that it has developed the checklist so that the lender can achieve its offer time target of 12.5 days. It is currently falling short of this target and in the week commencing June 15 the offer time was 16 days.
AfI says the tougher stance is a bid to improve service and avoid a situation whereby the lender is embroiled with lots of cases that end up circulating in the system.
Applications that do not meet the required standard will be declined and the decision will be final.
Clive Kornitzer, chief operating officer of AfI, says: "The old days of reworking cases are gone. From now on a decline from us is going to mean a decline."
The tougher packaging guidelines came in the wake of Mortgage Strategy's story in May revealing that 65% of cases sent to Abbey were shoddily packaged. Brokers contacting Mortgage Strategy have been heavily critical of the lender's new stance.
One broker, who wishes to remain anonymous, tells Mortgage Strategy: "Perhaps Abbey should put its own house in order before making life even harder for brokers who are just trying to make a living.
"I was kept on hold for 12 minutes the other day before anyone answered, apparently due to high levels of business."
But other brokers have reacted positively to the move, saying that provided cases are packaged correctly there should be no problem.
AfI concedes it has had service issues but says the new packaging guidelines will address these.
An AfI spokesman says: "We are aware that there have been service-related issues and that's why we are taking these measures.
"Service has suffered due to incomplete applications and we expect to see an immediate improvement as a result of these changes."
