If advisers provided the same service as lenders, we would be deselected – Star Letter 13/11/2020

If advisers provided the same service as lenders, we would be deselected – Star Letter 13/11/2020

 

This week’s comment came from Derek in response to the article: Advisers self-serving queries means lenders can stay at 90 per cent LTV lending longer – Duncombe 

He said: “Everything in the article is correct, but it is based on the lenders keeping their information up to date and providing accurate information and updates, and as much as they would like to think they are perfect, they are not.  

We don’t call you because we want to, we call you because we have to. 

 

Smaller lender successes 

Derek added: “I have to say that Accord and a number of smaller lenders are doing a great job, but larger lenders are really letting advisers down…

This is not just down to being busier and staff working from home as relatively speaking, smaller lenders have the same percentage increase in business with smaller staff levels and are also working from home.  

They are however assessing documents in as little as 24 hours in some cases. 

 

Accurate information 

Lenders do not update their websites quickly and so information can be out of date or written in an ambiguous manner and we all know that some criteria never appears on the websites at all.

If an adviser provided a service that was as repeatedly poor and inaccurate as these lenders, then the lenders would consider deselecting them” he added. 

Derek added: “In short, advisers, carry on using the websites, sourcing systems and criteria tools.  

Lenders sort out your websites so the questions to criteria issues can be found quickly and accurately and sort out your systems and staff training.