Nationwide said 40% of paper applications have critical information missing, so significant resources continue to be allocated to chase the missing data.
Ian Andrew, managing director of group intermediary sales at Nationwide, said: “We receive a high number of paper application forms, but the quality of completion has deteriorated.”
He said this is unfair on the many brokers who take the time to fully complete our forms and is beginning to impact our overall service levels.
Alison Beech, business relationship director at Spicerhaart said the paper route has been used to hold a product without a complete application as the online route demands data fields are completed at each stage.
“Nationwide requires paper applications for certain products, but for security and compliance reasons, we expect our brokers to submit cases online,” said Beech.
“Submitting cases without the right information is a waste of everybody’s time,” she added.
Offending brokers will be called by Nationwide for the missing information – or have his or her case returned.
Nationwide confirmed it still takes paper-only applications in a variety of areas including NewBuy, million pound plus properties and equity share mortgages.