This week’s award goes to: Lenders prepare ‘attack’ on broker market share
I assume this technology will require the clients to apply themselves and then upload all their documents direct to the lenders portal themselves (Santander do this already), using a similar method to the one the brokers use now.
I already ask a similar thing of my clients when I pre-assess them, and you’d be amazed how many have no clue what a PDF is, or how to use a scanner, and then of course there is the uploading of the correct and relevant documents. I’m thinking ensuring payslips clearly show all the relevant information, company name, clients names, all deductions etc, are dated correctly, bank stats clearly show name and address, all the things that we will check in advance of the application. It reminds me a bit of applying for a passport without first having been through the ‘checking’ service with the post office.
All these poor clients will then encounter delay after delay after delay as they wait days for the documents to be assessed and then be thrown back at them as incomplete, unsatisfactory, unreadible.
No I really do not think we have anything to fear here. We have been using these systems with many lenders for several years now and we use them all the time. We understand them and how to make them work for the best, this is a skill itself, and that’s before we’ve even talked about the lack of advice. Nice idea, but it won’t work in practice.
SOX
Have a look at Star Letter Extra for a round up of the best of the rest comments received this week.
