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Nationwide will return poor paper applications

Nationwide has confirmed it will return shoddy paper applications, after revealing 40% of cases submitted by brokers have information missing from them.

The lender is adopting the tougher stance from Wednesday May 16. Mortgage Strategy revealed last month that Nationwide was considering the move.

Ian Andrew, managing director of group intermediary sales at Nationwide, says: “We receive a high number of paper applications but their quality has deteriorated.

“Our processing teams are spending too much time chasing brokers for missing information. This is unfair on the brokers who take the time to fully complete the forms. At a time when our mortgage volumes are high, this is beginning to affect our service.”

Brokers submitting cases with critical data missing will be called by Nationwide to give them the opportunity to provide the information required. If the broker cannot do so the application will be sent back to them.

Aaron Strutt, head of communications at Trinity Financial Group, says it makes sense that Nationwide wants to speed up the process and improve the quality of applications.

But he says: “Problems can arise when lenders change rates and give brokers a deadline for submitting applications and brokers rush to fill them in to secure the rate.”


PTFS makes interim CEO permanent

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At the strategy summit Some people were calling brokers who are not specialists in a specific field, like new-build or buy-to-let, dabblers – is this right? I don’t think it is right to describe brokers who aren’t specialists as dabblers. Brokers are specialists in understanding and satisfying clients’ needs in different product areas. They might […]

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A human table serves drinks at United Trust Bank’s recent open evening held at its offices


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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