Having been a broker, a packager and an account manager it always amazes me how, when you read about brokers getting kicked off of lenders’ panels, they seem to forget some of the things they may have done over the years in terms of the application process.
The reality is that there are probably few people who have not exploited lenders’ relaxed attitude to underwriting.
Don’t get me wrong, I don’t blame brokers completely – lenders encouraged everyone to abuse fast-track and self-cert.
We all got so used to this state of affairs that we convinced ourselves that we were doing nothing wrong. But actually there was some irresponsible lending going on.
The only thing that makes this seem harsh is that you have to be unlucky to be one of the ones picked up for it. But if a lender picks up a pattern they don’t like in the current market they don’t really have a choice.
As the old saying goes, there’s no smoke without fire.
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