I read Sue Read’s article in the May 14 issue of Mortgage Strategy concerning lenders sharing information with brokers with interest. While I agree with her in principle, I’m not sure her solution is easily manageable, certainly from a lender’s perspective. At least, I imagine that’s what many of them will claim.
But we have been doing something to address this issue which is manageable. Our declaration – which borrowers sign at the mortgage application stage – gives us permission to share data with originating brokers. We also contact brokers 12 weeks before their clients’ deals mature.
If, after reviewing a client’s circumstances, they decide to keep that client with us they can do this by going to our website and completing a form online. This will give an up-to-date balance of the client’s mortgage account and we will pay a new business proc fee into the bargain.
As a result of this, advisers can achieve Read’s aim of having ongoing access to their client’s accounts.
In fact, we are soon going to take this idea a stage further and include the originating adviser in the sharing of arrears data on clients.
I should add two points here – we will give advisers an opt-out option if they want and we will continue to follow our arrears management programme. In other words, we are not denying our responsibilities towards advisers, but rather are offering them what could be useful information.