The first this week was under the article: Correctly packaged cases will complete quicker – iVent2020.
Terry Arch said: “It’s okay asking to ensure the case is packaged correctly, but a lot of the problem is if there is a query and the broker responds to it, some lenders take 11 to 18 working days to get back.
“Then, if there is another query, a further period of the same length can result in an excess of 22 to 36 days before it goes to valuation. The issue at present is Covid-19 is causing lenders to be extra cautious.”
BDMs necessary in reducing underwriting hold-up
The second comment was in response to the article: Mortgage brokers disputing more underwriter decisions than before pandemic – analysis.
Arron Bardoe said: “I suspect these issues will continue until the business development managers (BDMs) are allowed to engage with brokers again, as we are experiencing fewer issues where the BDMs have been able to maintain contact.
“For some lenders, the BDMs are helping with the backlogs of admin and most seem to be dealing with herculean levels of enquiries.”
He added: “However, one might argue that a BDM’s role is to educate brokers, so it is only the right business is submitted and that it is packaged correctly.”