Presenting at this year’s Mortgage Administrator Online Event (MAOE) on collaboration between lenders and administrators, panel moderator Clare Davies, compliance director at Mortgage Advice Bureau (MAB), asked if there were any common errors made during the application process.
Matt Kingston, sales director at Nottingham Building Society, said issues related not only to the information submitted to a lender, but the reasons why.
He added: “Sometimes you can just lose a load of time… we might say we need X, Y, Z, the administrator might speak to the broker and say this lender needs X, Y, Z, then it’ll be ‘why do they need that?’ and it’ll just continually go round a loop.
“What would really help, on both sides, is the context. We always ask underwriters to get on the phone, speak to the broker, speak to the administrator, and not just say what’s [needed] but why and why this is important.”
Kingston said, hopefully, this could even be resolved over the phone.
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Ryan Brailsford, director of business development at Pepper Money, agreed and said context made it easier, but administrators should also “try to pre-empt the questions that a lender will have”.
He said this could include looking at an applicant’s bank statements before submitting them to a lender, as they could probably determine what would be queried.
“If there’s a missed payment, tell us why. If there are transactions that catch your eye, it’s going to catch the underwriter’s eye as well,” Brailsford added.
He said sending the documents in with explanations would make the lender’s job “much easier”.
When asked how to increase engagement with advisers and administrators, Brailsford said the lender ran online forums with brokers and was now considering doing something similar for administrators.
Watch the full presentation [30:20] moderated by Clare Davies, compliance director at MAB, with guests Ryan Brailsford, director of business development at Pepper Money, Matt Kingston, sales director at Nottingham Building Society, and Mike Sinclair, operations manager at The Mortgage Works.
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