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Star Letter Extra 15/02/13

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  • 15/02/2013
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Star Letter Extra 15/02/13
Each Friday, Mortgage Solutions takes a look back at the best reader comments on the website.

Big lenders’ tick box approach is forcing customers elsewhere

The UK mortgage market has a vibrant mix of lenders – mutuals, banks and so called shadow banks. However, all too often recently, comments by some that echo Little Britain’s “computer says no” phrase do not reflect the sophistication of automated and mortgage decisioning platforms.

Configured correctly they fully reflect the lender’s policy and appetite for risk. They hardly ever just say no. Instead they ask for proofs, they push a task to an underwriter to validate the application.

They allow lenders to concentrate on advising applicants that are on the edge of a positive lending decision, whilst driving straight forward cases to offer and completion.

A system will never replace people, especially in a fully-advised sale, but they can enable lenders to see more applicants while reducing costs and increasing efficiency.

Henry Woodcock
13 Feb 2013 | 11:08

LV= launches free equity release adviser training course

This is a welcome initiative as the anticipated growth in lifetime mortgages will require an increase in availability of specialist advice.

Thankfully, in the meantime, there is sufficient capacity in existing specialist adviser firms like Age Partnership, for servicing current equity release enquiry volume, whether directly or through referring IFA partners.

Simon Chalk, Age Partnership
11 Feb 2013 | 15:14

Eric Daniels: 50% of Lloyds PPI claims were bogus

It is not surprising that this has come to light. These unregulated rogue ambulance chasing claim companies do not spend any time actually researching/studying a claim.

They will try and add as many fields for a claimant and throw it over to the complaints procedure to deal with. But it is not over yet. Mortgage claim companies are also doing this and leaving it to the FOS to deal with, mainly on interest-only and self cert mortgages. Be aware.

Mo Chishti
15 Feb 2013 | 10:40

Eric Daniels: 50% of Lloyds PPI claims were bogus

Why does this come as such a surprise – go back to endowment “misselling” – every bank employee, or person in financial services, involved with these products, will tell you they know people “clients”, who whilst saying they know it was the right thing to do at the time, they would give it a go, cos’ everyone else is.

Add to that the emergence of rogue claims companies and the scandal – the most overexaggerated word in our language – is that so many bogus claims have been paid out, from other peoples resources, illegally.

acc
15 Feb 2013 | 10:56

Broker fights for disgraced MP Huhne’s old seat

I have known Mike off and on for a few years now and if he applies the same energy, enthusiasm and attention to detail that he did as a business development manager he will go straight to the top of his chosen career ladder.

Paul McKay
15 Feb 2013 | 10:56

Thank you for your comments this week.

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