During my latest round of member visits I asked intermediaries what is frustrating them in the market and how we, as their mortgage club, can help.
Previously, generating enquiries or the advice process itself were common irritations, but it appears these are no longer major issues. The hot topic was the length of time it can take to get a mortgage through from start to finish.
Old frustrations such as lack of business are less likely to affect good firms these days as they tend to have large client databases to revisit and an advice process that runs smoothly.
It is once a suitable product and lender has been agreed that they can face time challenges.
In general the feedback is that it can take up to three times longer to nurse a case through the various stages of processing than it used to, even if it has passed the lender’s decision in principle system.
Brokers say that despite having a DIP it is no longer possible to assume a case will go through.
We are frequently asked by members if we can assist in these cases, as hold-ups also impact on a broker’s ability to move on to the next transaction.
There are responsibilities on both sides, with advisers having the obvious one of sending fully completed cases with all relevant documents.
In truth, brokers, clubs and lenders need to continually improve their systems and procedures to ensure the process is as smooth as possible.