Q: Lenders can’t get their own houses in order when it comes to mortgage processing so why should I bother with packaging my cases properly? I can’t stand it when lenders beat us with sticks and demonstrate such hypocrisy!
A: Advisers are certainly facing many challenges in the current climate – and the changes to a lender’s policy, submission requirements and last minute product pulls certainly don’t make life any easier.
The barrage of changes being made, do make it difficult to keep up with what a lender needs – but central to all of this is the customer.
Understanding what the lender needs and getting the packaging right first time can make all of the difference in getting that mortgage offer out at the right time.
Cases that don’t start off well – because of one or two key items missing – will often just go from bad to worse.
Some lenders have announced that they will just not start processing a case if something is missing – obviously not a great way to start.
But one of the reasons we find ourselves in this position is that many lenders have been bombed out with business volumes since the early part of this year – due to some of the larger lenders restricting their lending.
This causes a resource issue with more time than the lender would like being spent on processing badly packaged cases.
But while some lenders are restricting volumes, many of the small to-medium- size lenders are actually telling us that they would like to lend more – they just haven’t got the resource capacity.
So in addition to having a satisfied customer with an offer letter in their hand, packaging a case well – where a lender would need to spend less time processing each case – could actually increase the amount of lending available in the market during these times of an under supply. Now there’s a thought!
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