Are lenders cutting costs to such an extent that they are employing office cleaners on their broker helplines?
Mortgage sourcing and decision in principle systems can only do so much. On a more complicated case I want to speak to a lender to make sure it fits.
Last week I thought I had pre-agreed a case with BM Solutions on its Mortgage Plus product before seeing my clients, only to find that I had in effect wasted a day because, having seen the clients and signed them up, I found the product didn’t fit at all.
A number of reasons were given by BM Solutions for this, the most bizarre being that a loan in the process of being consolidated was still taken into account in the affordability calculation – a crucial part of the criteria not highlighted in my initial discussions.
The point I am trying to make is not how poor the BM Solutions’ Mortgage Plus product is – which it is I’m afraid – but why its broker helpline felt I didn’t need to know about its affordability criteria when I stated that the clients wished to consolidate a large loan payment.
Is it not in lenders’ interest to use skilled staff to win business? Apparently not, as I am subjected to individuals less au fait with their company’s lending criteria than I am.
A member of BM Solutions’ sales team subsequently proffered an apology and suggested a visit from my local business development manager to bring me “a little something”, I assume the purpose of which is to pacify me.
Well, my message to BM Solutions is that its budget would be better spent on developing its staff to prevent me wasting so much of my time in future.
It’s a jolly good job I’m not premenstrual or I’d be really upset.