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Abbey to offer rewards for good packaging

Abbey for Intermediaries is to introduce an incentive system for brokers which will see brokers rewarded with faster processing and access to exclusive products if cases are packaged correctly.

Under the ’Reward Efficient Brokers’ initiative brokers will be measured by the lender against certain criteria and standards, such as the quality of the applications and conversion rates from application to completion.

More efficient brokers will then be rewarded with faster processing terms, including the ability to fast-track cases.

They will also be given more exclusive products, such as higher LTV deals, and be granted more access to underwriters.

Equally, brokers who fall short of Abbey’s standards will come under more scrutiny from the lender.

Abbey plans to hold initial discussions with its key accounts on the scheme within the next three months, and will look to set up a formal system later this year.

Abbey says its proposals to “treat the best brokers better” is one of its key initiatives for this year.

The lender first made key distributors aware of its plans at the Abbey key accounts conference held in Santander city last month.

Abbey’s analysis shows that when comparing the top quartile of business writers against the bottom quartile, the top quartile converts 5 x more applications to completion and submits loans that are 2 x better quality than the bottom quartile of brokers.

The lender says it has taken the idea for the reward scheme from a company called QinetiQ, a former government defence research firm that continues to work with the Ministry of Defence.

Iain Laing, chief credit officer at parent company Santander UK, says: “It is traditional for firms to distinguish between different kinds of accounts.

“What we are trying to do is raise the standards across the board, be transparent, and create benefits for those brokers who are packaging cases well.”



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  • Kevin Fowler 9th April 2010 at 12:11 pm

    Whoever is running PR at Santander should stop putting his sort of mindless rubbish out into the industry press as the vast majority of comments above show that brokers can see straight through it. I’m personally delighted to see so many of my peers voicing their frustration as Santander have been the brokers biggest threat during the credit crunch.

  • Steve Lupton 9th April 2010 at 10:05 am

    The vast majority of replies from brokers indicate how poor service standards are at Abbbey. These should be forwarded to Abbey because I would wait with eager anticipation a reply from someone senior.
    Maybe the powers that be at Abbey should invite brokers to a meeting to let them know what is really going on in their company

  • Anon 9th April 2010 at 9:17 am

    I now feel a bit glad for being told I was over confident in my interview for Santander as an underwriter. Looks like they just don’t want people who know what they are doing

  • Anonymous 8th April 2010 at 11:59 pm

    All Brokers should stop using Abbey for 2 months and send a clear message that we will not be messed about. They have become dictators. They recieve 80% of their business from Brokers and then contact our clients 6mths early, waive the ERC and steal our clients. Stop using Abbey for 2 months.

  • Giles Stanway 8th April 2010 at 6:18 pm

    I think you missed my point completely. My comments are in relation to The Abbey directly and not TBDM’s from other lenders. I have one lender I now use regularly, offers within days, a TBDM that contacts me regarding my pipeline business and other areas to generate income (which doesn’t include B&C Sales and PPI surprisingly). A lender that cares about the BROKER and not THEIR BACK POCKET

  • kevin dale 8th April 2010 at 2:30 pm

    I dont see a Telephone Business Development Manager as a downgrade and I find your comments discredits what they do. I have a fantasctic TBDM at BM Solutions who will always go above and beyond. I just wished my other BDM’s were as helpful.

  • kevin dale 8th April 2010 at 2:30 pm

    I dont see a Telephone Business Development Manager as a downgrade and I find your comments discredits what they do. I have a fantasctic TBDM at BM Solutions who will always go above and beyond. I just wished my other BDM’s were as helpful.

  • Simon 8th April 2010 at 11:44 am

    Get your own house in order Abbey!
    Good business being declined that other lenders grab and offer within a few days. Underwriters are more concerned with ticking boxes and remaining anonymous and uncontactable. Admin staff who do their best to get cases in front of underwriters who will then look to decline for whatever tenuous reasons they can find or throw the case back for yet more documentation.

    As for the proof of deposit….don’t get me started!

    Get back to common sense lending and treat clients fairly.

  • Roger Woodall 8th April 2010 at 11:33 am

    You would think they would give incentives to their own BDM`s first to encourage them to start doing their job, let alone doing it efficiently. And if they do have spare cash they could even get the phones answered by adding staff !

  • Steve Allen 8th April 2010 at 11:30 am

    Abbey should get its own house in order and sort out their redicoulous underwriting and systems in general before
    dishing out any form of awards to introducers.
    They are the problem for the majority of delays in most cases.

  • colin 8th April 2010 at 10:44 am

    i think they are a week late in issuing this directive…as its a frigging joke!!!!!!

    their anal underwriting and processes are such a pain to the extent I ascertain how quickly clients need the mortgage offer before considering them.

    get your own house in order before casting derogatory glances across the table.

  • SJ 8th April 2010 at 10:40 am

    Are we not supposed to document in our suitability letter WHY we have reccomended a certain provider? how TCF is ‘because i get a better service’ OR ‘becuase they don;t give me a good service’ how is that giving best advice, anything that sways a brokers decision for antyhing that isn;t in the CLIENTS best intrest is wrong, very wrong. And of course Abbey assume this on the basis they will always be offering market leading rates, or do they assume that once they stop we will continue to use them beacuse we are getting preferrential treatment?

  • Mike Cullen 8th April 2010 at 10:39 am

    This has to be up there with no stamp duty for FTB, who gets to police it, how do you know if you are failing. We get told by our BDM our packaging is very good, but what will be required for the luck 1/4?

  • vp73 8th April 2010 at 10:37 am

    This could work well in theory if anyone actually knew how to package an Abbey case these days and their staff knew what they were doing. It took me almost a whole day and 7 phone calls to Abbey last week to change the property details on a mortgage application. In the past this would have been a matter of completing 2 sides of A4 paper and faxing it to them. Abbey’s management must think their systems are perfect, but they far from this and quite possibly the worse when it comes to straight forward, common sense underwriting. Abbey need to get their own house (and TCF) in order before they start putting demands on brokers, then this type of scheme could possible have benefits.

    I would also hope the FSA would have something to say about different brokers being given preferential rates and deals. Surely this is open to abuse and not something I agree with at all.

    I used to really like Abbey as a lender, but I now find them to be appauling in the way they treat their brokers, customers and their total disregard for TCF.

  • sandyb 8th April 2010 at 10:33 am

    Time for the lenders to get their house in order, I have been told by Santander staff, if a case fails I should re submit the case with the client taking their buidling and contents package and it is likely to pass.

    In a recent case the Abbeys mortgage calculator indicated the client would get a maximum loan of £180k based on a high level of credit score, which wasd not likely, I sent him direct and the lender was happy to provide £225K.

    There also appears to be a movement towards different rates for borrowers who hold current accounts with the lender.

    the question has to be is any of this treating customers or brokers fairly, although I have to say the FSA seemed to have abondened this for the larger insititutions.

  • Phil 8th April 2010 at 10:10 am

    I used to really like dealing with Abbey as they where approachable , easy to use and to contact.This meant issues could be resolved quickly and offers were issued.

    Over the last few months
    a)There requests for information has become hit and miss. You are told to send one piece of information in yet this changes depending on who you speak to in the office
    b) I used to be able to respond by email – whats wrong with scanning an item and sending it to them instantly- Now it has to be by fax or post (these items seem to be going missing more often than they are recieved).

    Is this treating brokers fairly

    This week I tried to phone my local region centre to check on a case to find out the numbers and address I had for abbey where no longer listed. I found the new telephone number from there website and to be told the case is now being processed in Glasgow.

    I had to ask for the new address and contact details – as they had not told me

    So much for better local service

    I am hoping that Abbey do improve their service and processing, but going by above information not sure if i want to deal with them as clients come to a broker for a quick reponse – which currently is not happening at Abbey

  • Ron Radway 8th April 2010 at 10:08 am

    How I agree with the messages 9.26 * 9.29–Beware the Spanish Infidels!!Remember how the Conquistadores treated the Incas- there’s certainly no Incas left to remember!! They won’t be satisfied until they’ve done the same to us, despite protests to the contrary.
    I note they state that Broker Business now accounts for 80% of their business- will they then admit that thieving my clients, dual pricing and ridiculour underwriting has been a failure? Or are they just disseminating?

  • Peter Yates 8th April 2010 at 10:03 am

    After sending them everything they’ve asked for and having double-checked with them first, they invariably ask for something else, then something else… ad nauseam. It takes them 48 hours to look at what you’ve faxed and when chased 48 hours later, they say they never got it, so another (identical) fax which they magically get this time (now at least 96 hours after the first fax). This happens more than once on each case. Bad packaging? I assure you it isn’t, but I bet they’d say it is. If I were to rate Abbey for processing, it would be bottom quartile, every time and I recommend their products with a service caveat. Look at your own processes, Abbey.

  • Nicol Cunningham 8th April 2010 at 9:35 am

    That’s the funniest thing I have heard. Santander need to get their house in order first. They have undoubtedly the worst underwriting in the UK at present.

  • Chris 8th April 2010 at 9:29 am

    The day Santander stop their policy leading in to rate expiries of aggressively attempting to steel my clients by calling them and offering them the world to stay with them will be the day I reconsider using them. Incentives like this are of no interest to me – intermediaries have played a massive part in giving them their market share and the way they continue to treat us is disgusting.

  • Adrian 8th April 2010 at 9:26 am

    Under my ‘reward the efficient lender’ initiative I am sending cases to lenders who treat me fairly.

    I am disinclined to send cases to lenders who agree cases 3 times, but then, because of a change of property, can’t agree it any more.

    Or a lender who says “we need evidence that her sister and parents are dead” before they’ll accept that the deposit is from an inheritance.

    Or a lender who insists on proof that the deposit was saved up over a period of years – so 3 years bank statements would do it – for money laundering – yeah right.

    Or despite proof of a credit card being repaid won’t accept it because their credit report doesn’t show it, then admits their credit report is out of date and asks me to completely resubmit the case in order to get a new report. Then the case goes to a new underwriter and the malrky starts at the beginning again.

    Or won’t agree a mortgage because the deposit is in a savings bond that runs for a set term. They know the term is 6 months and they know it was set up last september – the 6 month term ran out 2 weeks later than that conversation and it took an argument to get them to see common sense.

    “It is traditional for brokers to distinguish between different types of lender”. It is natural that lenders that fall short of acceptable standards will come under more scrutiny from brokers.

    However, until 2 years ago, when all normal measures ceased – I was giving them 8 – 10 high quality cases a month with a very high conversion rate and ancillary sales.

    I guess I can’t avoid using them if they have the best product for the client and for that reson this post is anonymous, but the mutual appreciation that we had built up over 15 years has gone – the local service centre has gone too, so personal relationships have ceased and I am just a meaningless number to them now.

  • Steve Lupton 8th April 2010 at 9:21 am

    it would be really useful if Abbey staff knew the criteria,received an email requesting 1 months payslip and at the same time a telephone call rquesting 3 months payslips

  • Ben Olney 8th April 2010 at 9:20 am

    When will Abbey learn? It’s THEIR processes that delay cases, in particular the rule they have to discard any packaging that is sent in that is not required on the first request. In the past I have sent over 10 separate faxes to Abbey for cases, most times including the same packaging that I have sent before. Where the information is not required on the first request, Abbey’s process is to delete the information and then request it again later when they need it!! This is a flawed process which prolongs processing and causes delays. Abbey sort your OWN ship out then we may REWARD you with further cases.

  • Darren Barrett 8th April 2010 at 9:09 am

    so does this mean that that only 1/4 will be offered a good service & 3/4 will be offered a lesser service. this doesn’t sound very TCF to me.

  • Neil Burton 8th April 2010 at 8:53 am

    Excellent News – I have been pushing ALL lenders to do this for 17 Years!! Finally 1 lender has realised the positives to its own business format….

  • Giles Stanway 7th April 2010 at 6:53 pm

    I wondered why we have been downgraded to a ‘Telephone Business Development Manager’ take it our business wasn’t good enough? Service levels can’t get any worse. I just wish they concentrated more on mortgage processing as appose to General Insurance Sales!!!!

  • Giles Stanway 7th April 2010 at 6:52 pm

    I wondered why we have been downgraded to a ‘Telephone Business Development Manager’ take it our business wasn’t good enough? Service levels can’t get any worse. I just wish they concentrated more on mortgage processing as appose to General Insurance Sales!!!!