There is no need for self-cert products. What is required is a sustained effort from lenders to educate their underwriters to assess cases on their merits.
The reason self-cert and fast-track exist is for lenders to be able to distribute products faster using brokers as a conduit.
Now that business levels have dropped, lenders should empower their underwriters to understand cases and their complexities if the income sources are not traditional.
That way, liar loans need not exist. All declared income is provable regardless of its source. Regulate underwriters so that they have to attain professional qualifications – this will stop the box-ticking mentality.
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