There has been plenty of criticism about the effect of the MMR on turnaround times. But while lenders have had to evolve their processes, I am convinced that many delays are still down to poor practice by both broker and lender.
We have not been perfect as a lender but when we receive a fully packaged case it goes through very quickly. One case stands out recently where, following a DIP, we received a packaged case on 19 August and, having instructed valuation that day, the surveyor saw the property the next day. We had a report on 21 August and offered the case that day.
The evidence shows that delays happen when cases reach a lender that either do not match the details agreed on the DIP or lack vital documentation.
Nor are lenders blameless. Many, particularly larger players, are still working with legacy IT systems ill suited to today’s demands. Service also suffers where there is little incentive to be any better than their peers.
It is easy to hide behind the MMR while ignoring the inconvenient truth that we all, brokers and lenders, must improve the way we prepare and execute cases.