Lenders that treat brokers unfairly risk losing out

From Lee Martin
Like any other broker I do this job be-cause when it goes well it is satisfying, we get paid enough and the hours are flexible. But some lenders have a lot to learn about Treating Customers Fairly.

I am the lender’s customer. I decide if a lender gets my client’s business and I have the power to exclude who I want, particularly when I am treated like a second class citizen.

Brokers’ lives are made harder by lenders with the following standards – 48-hour turnaround times from receipt of application before a case gets looked at (Capital Home Loans), 72 hours to send a fax (Northern Rock), two days to get a valuation report back and when questioned, say: “I can give you the valuer’s number,” (Bristol & West).

The incompetence shown by len-ders, their administration procedures and their attitudes are unbelievable and they expect us to take it on the chin. I tape every conversation I have with lenders and solicitors so when my clients ask what is going on I can at least prove that I am trying to progress their applications.

Lenders, I have a message for you – brokers are powerful. Ridicule them and your profits will plummet.

Lee Martin
Regency Mortgage Bureau