But anecdotal evidence has shown that we are seeing more applications submitted that have little or no prospect of having a positive decision made on them. This is as a result of piecemeal information being provided to us by brokers.
Missing documents, incomplete details such as not disclosing loans or other borrowing commitments and incorrect income disclosures are just some of the things that can be overlooked in applications.
This often results in a misunderstanding of the case and leads to delays for clients as the case is re-worked. At worst the case is referred or declined. This needs to be examined.
If maintaining quality is a commitment to excellence, then as a business we must surround ourselves in quality. To help drive this, we as a lender must be more assertive when initially vetting cases to avoid wasted time, effort and eventual disappointment for brokers and their clients.
Brokers must ensure applications are fully packaged and all required documentation comes to us in the first instance.
The benefits of working together to improve the quality of applications will mean quicker processing times and better service for brokers. Not providing strong applications will only weaken our ability to process mortgages.