View more on these topics

I thought Nationwide and MTE were working together

From Sarah Morgan

I recently decided to return to the world of intermediaries after five years of working for a high street lender. With the many changes that have happened I was looking forward to trying the updated websites and new processing techniques.

A few well known lenders did not disappoint, and then I stumbled upon Nationwide/MTE.

A client of mine requested a DIP which after much digging around I discovered must be done via MTE. But having completed the form it refused to verify it, telling me it was invalid. Why was it invalid? The system couldn’t tell me. So I rang MTE which asked if I had filled in all the boxes. I replied: “Yes I have.” The response? “I don’t know, speak to Nationwide.” I rang Nationwide to be told to ring the MTE again as it was a technical problem.

So, the MTE can’t advise on Nationwide application forms and Nationwide can’t advise on the MTE. And I thought this was a joint venture designed to make the life of the broker easier.

I sorted out the problem by trial and error and sent off the DIP. The case proceeded and now all I have to do is enter the client’s details all over again as I can’t convert the DIP, or I could hand write an application form. Either way I spend too much time for a small proc fee. What a waste.

Incidentally, how many times will this poor client be credit scored by Nationwide/MTE?

Maybe it’s just me but I get the feeling I’m missing the USP of this system. I just wish someone could tell me what it is.

Recommended

Endowment letter from Pru refers clients to Halifax

From Dave King A client of mine recently received an endowment warning letter from Prudential. Nothing new so far but bear with me, this one takes the biscuit. The letter states the shortfall probability but also invites the policyholder to remortgage with Halifax to redress the shortfall, rearrange the mortgage etc. This is unacceptable, not […]

Public advice guide to buy-to-let published today

The Association of Residential Letting Agents and the Council of Mortgage Lenders published the annual ARLA/CML guide to buy-to-let today.It is the fourth time the guide has been published, which offers information and advice to the public on buy-to-let. It is available free through ARLA member letting agents.Topics covered in the latest guide include, expanding […]

Griffiths’ argument for higher proc fees is woefully thin

From Jeff Sutherland-Kay I suppose I should be flattered that Richard Griffiths has mentioned me twice in his recent scribblings, but his column in Mortgage Strategy on September 26 is just not right. He tries to make the argument that lenders with branch networks use the intermediary channel to subsidise the costs of branch-based lending […]

Guaranteed and GHL launch near-prime products

As a recently merged company, Guaranteed and Genesis Home Loans has announced the launch of two semi- exclusive, near-prime products funded by Lambeth.Being one of only two mortgage providers with access to the new schemes, Guaranteed/Genesis will offer these products to their network of appointed representatives via their joint packaging facility based in Maidstone, Kent.The […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

Newsletter

News and expert analysis straight to your inbox

Sign up