I write having just read Kevin Paterson’s article in which he asserts that we must all go electronic to tackle fraud (Mortgage Strategy May 21).
Who is he kidding? If lenders want to tackle fraud, they should check their delinquent files more carefully and chop out the brokers who are feeding them dud deals.
This is another case of scaremongering. I don’t understand why people have to keep trying to change things. There’s nothing wrong with maintaining a healthy balance between using electronic processes and maintaining paper-based operations.
In fact, to the lenders that have gone 100% electronic and have no back-up paper-based decision in principle or application methods in place – how foolish are you?
The day will come when your systems fail, and imagine what this will cost you in terms of lost business and embarrassment.
It’s strange that when you present a business plan to banks they ask what your contingency plan is, yet some seem to ignore their own advice. As a young adviser, I’m happy to sit here with my trusty paper and pen.
Chase Evans Homeloans