That was an impeccable service from Halifax. Hit the angle and sent the opponent out wide. There was simply no way that could be returned!
For other lenders out there, their service is not quite as good. Service is one of the most important parts of the game. Ask Federer, or Nadal, or even Murray. Actually don’t ask Murray as you wouldn’t understand his response. Brmrmrmrmr bmmmrm (What’s that Andy?!) But you get the drift. Service is key to any game.
Why is it then, that in such trying times in the mortgage industry we are finding that service levels seem to be slipping away with many lenders? Well, we need to examine this closely because we may not like the answer. Is it the lenders at fault, or is it us, the brokers?
Underwriting is certainly more detailed, lenders need more than a passport and proof of address these days. It is not uncommon for us to be faxing/scanning well over 75 documents at a time to get cases approved. But are we the ones to blame for the processing taking longer?
Many lenders are “working off post received two weeks ago”. When that post is eventually evaluated, it could give rise to more documentation being required and another two week delay.
But the reason these delays are being incurred could be that brokers are sending in pieces in dribs and drabs, it could be that some are only sending half the required documentation because the client “didn’t have that to hand” yet when we are told of these delays, we blame the lender.
Abbey’s recent move towards rewarding the better packagers could well be the answer to the service problems and I praise them for doing this.
Advisers that invest time in ensuring a case is packaged well, deserve to be rewarded. They are the ones making life easier for the lender to underwrite.
They are the ones that are making call waiting times shorter for us, and they are the ones that are ensuring post is not taking two weeks to evaluate.
There is much to be said about Abbey’s new move. I think it is just what is required in the present climate as service levels have become appalling. Rather than blaming the lenders, we should all be acknowledging the part we all play in this.
Payment by packaging may seem harsh at first sight, but the reality is we should all benefit. I am sure we’ll see this rolled out by others as Abbey’s quality of applications improve, as their apps to offer times reduce, and as their valuation instructions occur quicker.
The lender’s service will improve, and we’ll be at the net ready to follow up our partners service with a forearm smash. Invest some time in our packaging, and the game will be much more enjoyable.
Quiet please, the brokers are waiting.
And… Play!
