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Brokers should not reward lenders for outdated systems

Letters to the editor

Andrew Parkinson’s letter last week lamenting the refusal of some lenders to accept email and scanned faxes will have the approval of the broker community.

Presumably it is a cost issue for some lenders and the best way for brokers to respond is to pass the same issue down the line.

If they want to recommend a lender that only uses faxes they can issue a warning to clients with the Key Facts Illustration saying that the lender has a practice of not accepting scans and losing faxes so the mortgage offer will be subject to delays and fees will increase by £100.

If the client is happy to proceed with this lender to achieve a slight rate advantage they should be asked to confirm they are happy with this.

Unfortunately if a lender continues to be rewarded by brokers for bad service they will get around to investing in systems only when it suits them.

Danny O’Sullivan
Stirling Partners Finance

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