You are here: Home - Your Community - Top Comments -

‘It’s a shame we don’t have any way to evidence poor lender performance’ – Star Letter 15/06/2018

by:
  • 15/06/2018
  • 0
‘It’s a shame we don’t have any way to evidence poor lender performance’ – Star Letter 15/06/2018
Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter this week.

 

This week the accolade goes to Lisa Peach-Hill for her response to the post: Proc fees: ‘In return we get nothing but poor service’ – Star Letter 01/06/2018.

She said: “The problem for brokers here is – if you know you have to use a particular lender with poor service standards and cannot justify not using them to your client or compliance department – would it be fair to charge the client a higher fee to cover the extra administration costs involved?

“It is a genuine additional expense to a business using badly performing lenders. I don’t see why the broker firms should have to absorb these costs, but refusing to use a particular lender on the basis of performance alone sometimes means missing out on the best deal for the client or losing the business.

“It’s a bit of a grey area in my opinion and such a shame that we don’t have any way to evidence such poor performance to clients at the point of research. I’ve often wondered why mortgage sourcing systems don’t provide crucial information like timescales a lender is currently working on from say full packaged submission to valuation, valuation to offer.

“It would only be a small adjustment to their systems to provide meaningful information. It would certainly help us steer cases in the right direction and put things in perspective for clients at point of sale.”

 

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
lap top with light streams
The 10 biggest mortgage broker stories this week – 15/06/18

A new range of mortgages aimed at helping landlords maximise mortgage interest tax relief has gathered the most interest from...

Close