From Martyn HarrisYou bet. What’s more, the product providers seem to be helping them in this venture – and it appears they don’t mind clambering over us poor, heavily compliant intermediaries to get their targets. I didn’t ever think I’d see the day I’d lose a case in this way but quite recently I placed a mortgage with a lender and the client subsequently trawled the net -after I had submitted the paperwork -and a new lender was found (despite the fact they had now an offer letter from lender A). Well, bless him, he asked me to arrange loan number two, and after the second paperwork had been completed and was just about to be sent, he rang excitedly to say he’d seen a brand new offer on his computer from lender C (Alliance & Leicester). Could I arrange this as he “desperately” wanted it, he asked. Well, dear readers, I had already nailed my flag to the mast and said I wouldn’t charge a fee, as this client was a referral from a good client of mine. The Alliance & Leicester deal was a direct internet offer. I could match it but it would pay no procuration fee, a fact I related to the borrower. There were no other complementary Insurances to offer either. Would the client offer to pay a fee? Would they call back after I relayed this information? Do pigs fly? I heard nothing from him apart from a second hand message to say he had taken the direct deal, so I was left with nothing but a mass of nicely filed, compliant paperwork and a heavy heart. I was, however, taught a valuable lesson and hope that readers may learn from it too.
Mortgage Protection UK has been wound up, owing hundreds of pounds in commission. Earlier this month Mortgage Strategy reported that the insurance provider owed Inglenook Financial Services over 300 in unpaid commission and had previously been under fire for owing several thousand pounds to brokerages across the country. Alan Campbell, proprietor of Inglenook, says: “Unbelievable. […]
The lenders that move fastest to cooperate in making their affordability calculators available to the sourcing systems will steal a march on their rivals, says Richard Griffiths
A consortia of 15 local authorities and housing associations have been given 1.6m funding to help set up sub-regional choice based lettings schemes as part of a Government drive to offer more choice and better services for home-seekers.The funding will ensure a further 59 councils adopt a choice based lettings approach, bringing the total to […]
UK merchant bank Close Brothers has set the record straight about its intentions for Mortgage Intelligence. Speaking exclusively to Mortgage Strategy Robin Sellers, Close Brothers group secretary, says the business is going strong and looking to acquire other networks. He says: “We are always looking for acquisitions to build the company and compete. We are […]
The positivity at RESI was pleasing to see, with lots of encouraging discussion about the private rented sector (PRS), the possibility (or hope) of stamp duty cuts on the way in the Autumn Statement and the general prospects of residential property in this post-Brexit vote world. However, that positivity was often tinged with some negativity […]
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