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Star Letter Extra – 26/06/2015

by: Mortgage Solutions
  • 26/06/2015
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Star Letter Extra – 26/06/2015
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week.

Part-time brokers should not pay extra network fees say brokers

Much as it pains me to say but on this occasion PTFS are correct. Part-time brokers, in my experience, do not keep their industry knowledge up-to-date and present a much higher risk.

I had a part-time adviser working for me that I asked to do office-based admin to try and help get his knowledge up to speed by working closer with good advisers but eventually I had to say to him he was too much of a risk
even to do the admin. He was snapped up by a network as a part-time AR. Strangely his biggest failing was compliance and his understanding of how it works whereas his mortgage and protection product knowledge was ok.

But as the old saying goes he is an accident waiting to happen.

John S

Mortgage lenders urged to stop snubbing tech solutions for brokers

Lenders such as Nationwide have had scan and attach for a number of years. The question is how smart is the technology? Does it attach documents directly to the case and is it routed to the relevant users for assessment? If not, and if scanned images are being printed centrally and then keyed manually, the expected efficiency is going to be compromised.

Henry Woodcock

Brokers reveal their network features wish list – Marketwatch

The issue with many networks is that below the surface it is them and us. It’s all about ruling by force and by the book as opposed to understanding truly the day to day life of a busy competent and compliant broker. Does an AR represent a true risk if they don’t upload a document to the network within a specific time or is it just how the network wants it. Networks need to be of the real world and realistically they seem to be few and far between.

Paul Smulovitch

Self-employed evidence must be bolstered – Santander

The other reason Santander and many other high street lenders have gone down this route, is that they don’t have underwriters who can read a set of accounts. SA302s and YOs are like the self-employed version of a payslip and P60!

The Cynical Broker

Wow, you really do live up to your name cynical broker! However, the reality is that self-employed clients can declare their income to HMRC, get an SA302 for mortgage purposes and then go back and change the figures. It is effectively self-cert lending. But you knew that already…

Good Mortgage Man

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