From Paul HowardI was concerned to read the complaint levelled at The Mortgage Works by John Nicholls of Brentwood Mortgage and Finance (Mortgage Strategy, November 14). So I called for the file on this application – the first case he had ever sent to us. I was astonished to find that Nicholls had completed a Portman application form for a Mortgage Works buy-to-let application. The TMW form has completely different questions on it. Next, he complains that we could not find his clients on the voters’ register. No wonder, he gave us the wrong address on the application form. I could go on but I won’t bore you. What Nicholls fails to mention in his letter is the poor state in which his application was submitted – one of the worst I have seen in my 25 years in the mortgage industry. This undoubtedly affected the speed with which his application was dealt – it was doomed from the start. On a general point, The Mortgage Works has enjoyed a successful year with record levels of business and profit. We acknowledge our service has been stretched at times and are consequently investing heavily in people and technology to address this. Ours is not a perfect industry and service levels, from brokers as well as lenders, fluctuate for various reasons. It is important we work together to overcome these shortcomings rather than hurl accusations at each other. Most people set out to do a good job and on most applications this year, TMW has done just that.
The Financial Services Authority says it has found no evidence that small IFA firms are ‘fobbing off’ mortgage endowment complaints, but did discover some issues with complaints handling practices that firms must address.Following concerns raised in independent research commissioned by the FSA, the regulator launched a project to examine the complaints handling of small firms […]
Most brokers are disillusioned with mortgage regulation and many are cautious about using some of the newer lenders, says Henry Samuels Marketing Services. These findings come from the Mortgage Intermediaries – One Year After Regulation report, based on research conducted among intermediaries about their experiences since Mortgage Day. The report found that most intermediaries are […]
The Office of Fair Trading is to launch a detailed market study into the payment protection insurance sector early next year. The study comes in response to the super-complaint Citizens Advice submitted to the Office of Fair Trading on September 13, which alleged features of the PPI market are seriously harming the interests of consumers. […]
The Association of Mortgage Intermediaries has revealed the results of its November census, which demonstrates intermediaries are committed to maintaining existing client relationships and place limited reliance on lead generation companies for new business purposes.Only 36% of respondents have used lead generation firms within the last 12 months, and 77% of these firms reported a […]
By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]
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