You are here: Home - News -

Hinckley & Rugby BS opens Mortgage Referrals Committee to brokers – exclusive

by:
  • 31/05/2019
  • 0
Hinckley & Rugby BS opens Mortgage Referrals Committee to brokers – exclusive
Hinckley & Rugby Building Society is opening its daily Mortgage Referrals Committee (MRC) to brokers.

 

The mutual introduced the panel at the end of 2017 to review complex mortgage applications.

Hinckley & Rugby’s MRC meets every working day at 3pm in Hinckley but will now schedule additional on the road dates around the country.

The lender is also to invite brokers to join in the MRC meetings via video conferencing such as Skype.

And they will also be welcomed to Hinckley to sit in on an MRC meeting at the mutual’s new head office after its move later this year.

 

Complex cases reviewed

In its first session on tour, the lender hosted a meeting at Legal & General’s offices at London Wall with a panel of brokers attending where it discussed 12 cases.

These were selected from a morning of one-to-one meetings Hinckley & Rugby staff held with the brokers attending and other firms.

The 12 cases considered included:

  • an interest-only remortgage;
  • RIO;
  • capital raising to buy the family firm’s commercial premises;
  • later life lending taking the applicants to 87 and 93 years of age;
  • an applicant’s business being hit by a one-off big loss on a contract;
  • the conversion of a former care home;
  • a parent and child Joint Borrower Sole Proprietor loan.

 

Provides valuable insight

SPF Private Clients associate Lisa Weavers was one of the brokers to attend and the case she put forward was accepted.

“As a broker I see the beginning of the process and I see the end, but not the bit in the middle. So it is very helpful to know what they, as a lender, are looking for,” she said.

“This will be Hinckley & Rugby’s first case with Savills Private Finance after joining our panel. From this meeting I can now go and tell everyone else that I’ve seen them do it.”

Largemortgageloans.com managing director Richard Merrett was another attendee, and said it gave a valuable insight into how lending decisions are made in a building society operating in the specialist market.

“It was extremely positive to see such a genuine level of flexibility and desire to deliver good customer outcomes,” he added.

Hinckley & Rugby chief executive Colin Fyfe said the team got a lot out of its first MRC on the road.

“Visiting half a dozen brokerages and then inviting brokers to join in the MRC meeting was a great opportunity to connect everyone involved in the cases and the decision making,” he said.

“We all play a role in the process, we all depend on each other providing the information and the experience to see each case in the round, to understand the nuances that manual underwriting can take in its stride.

“We want to do more of this and invite more brokers to get involved,” he added.

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Know Your BDM: Rebecca Watkins, BM Solutions

This week, Mortgage Solutions is speaking to Rebecca Watkins, business development manager at BM Solutions.

Close