Complex Buy To Let
MAOE 2024: Over a third of administrators say specialist lending cases take longest to process
Around 37% of mortgage administrators say that specialist lending cases, which cover complex income and adverse credit, have taken the longest to process in the last 12 months, a poll has found.
Specialist lending cases were followed by around 19% pointing to buy-to-let (BTL) cases and 17% citing residential purchase cases as the most time-consuming.
Approximately 10% pointed to remortgage cases as taking the longest to process, with around 7% citing affordable homeownership.
Only 4% said second charges were lengthy to process, followed by 2% pointing to green mortgages and 0.7% selecting product transfers.
The figures came from a fireside chat between Rob Barnard, relationship director at Pepper Money, and Luke Syms, training and quality supervisor case management for Connect for Intermediaries as part of the Mortgage Administrator Online Event (MAOE).
Barnard said that most administrators noting that specialist lending cases were taking the longest was a “concern”.
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“I think that there’s more that lenders like us can do to try and make sure that we’re working and educating with you to make sure that we keep those [specialist lending case] turnaround times on track,” he noted.
Syms said that there had been a “large element of having to adapt” as mortgage administrators due to frequent rate changes and rate pulls.
“Essentially, rate pull cases… need to take priority, even if it’s a case of possibly getting the application in, getting the fees paid so the rate is locked in, and then maybe coming back an hour or so later to then deal with the documents.
“You are always finding yourself focusing on those cases, which could lead you to then fall back behind on your other work, whether it is document uploads, offer chasing, dealing with solicitors, whatever it is.
“Rate changes, specifically, have had quite a quite a large impact, and brokers, administrators and everyone alike has needed to step up their processes in place to account for them,” he explained.
Syms said that Connect for Intermediaries, which specialises in specialist lending case packaging, had a dedicated team for rate changes. So, when lenders send out updates, it goes to that team, which will check the system for impacted cases and then go to the case managers accordingly to help them prioritise their workloads and diaries.
Another poll in the session showed that almost a fifth of mortgage administrators work overtime every day.
Watch the 31:20 video, chaired by Anna Sagar, deputy editor for Mortgage Solutions, Rob Barnard, relationship director at Pepper Money, and Luke Syms, training and quality supervisor for case management at Connect for Intermediaries.
You can find all of the sessions from the Mortgage Administrator Online Event on this YouTube playlist.