I was intrigued to read on Mortgage Strategy Online recently that Abbey is looking to reward brokers for good packaging.
Under my own ’reward the efficient lender’ initiative I am sending cases to lenders that treat me fairly.
That’s why I am disinclined to send cases to a lender that agrees a case three times and then, because of a change of property, can’t agree it any more.
Or one that says it needs evidence that the client’s sister and parents are dead before it will accept the deposit being provided is from an inheritance.
Or one that insists on proof that the deposit was saved up over a period of years – so three years’ bank statements would do – for anti-money laundering checks.
Or one that, despite proof of a credit card being repaid, won’t accept it because its own credit report doesn’t show this, then subsequently admits its credit report is out of date and asks me to resubmit the case to get a new report.
Then the case goes to a new underwriter and the whole merry-go-round starts again.
Or what about the lender that won’t agree a mortgage because the deposit is in a savings bond that runs for a set term?
It knows the term of the bond is six months and it knows it was set up last September.
The six-month term ran out two weeks after the initial conversation and it took an argument to get it to see common sense.
It is natural that lenders that fall short of acceptable standards should come under more scrutiny from brokers.
But until two years ago, prior to normal market conditions being suspended, I was giving Abbey eight to 10 high quality cases per month with a high conversion rate, along with additional ancillary sales.
I guess I can’t avoid using it if it has the best products for my clients and for that reason this letter has to be anonymous.
But the mutual appreciation we had built up over 15 years has disappeared.
The local service centre has gone too so personal relationships have ceased and I feel I’m just a meaningless number to it now.
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