How Can We Do It Better?
By Brian Rubins, Executive Chairman
Every survey has confirmed that introducers’ number one requirement is certainty and speed of delivery – in one word service. Competitive interest rates and LTV’s follow immediately behind but are of little value if the deal has been lost due to delay.
But service is a two way street, particularly if the traffic on it is to move smoothly as well as swiftly. Introducers and lenders must establish a partnership, supporting each other and being frank and transparent. They need to be there for each other. In this way, delays or last minute changes to terms will not happen.
Introducers can help themselves while adding value to the transaction. Nothing speeds the process faster than introducers proving the lender with accurate and detailed information. Tempting though it is to forward the client’s email with a note asking the lender “can you do this”, it is not enough. It may be sufficient for ascertaining if the loan is of interest and the enquiry can be fleshed out with a telephone call but after that, for processing to be efficient, the lender needs detail.
Old fashioned it may be, and certainly time consuming, but the lender’s application form fully completed by the borrower with the broker’s help will save weeks and keep the application on the right track. It looks like a lot of work and is all that detail necessary – yes to both points, but it is worthwhile. If the client does not have all the information at his fingertips, help him to find it, it will generate great rewards.
How can the valuer be instructed if all the lender has is the address of the property? If it is leasehold the unexpired term and the ground rent will materially affect the value or if it is for development finance the conditions in the planning permission need to be known, so provide a copy. And so it goes on. Without detail, valuation and legal fee quotes cannot be accurate.
If brokers can anticipate what is needed that is great but, if not, the lender will set out what is needed. However, provide a complete reply as “to follow” and “not applicable” invites delays and last minute changes.
Do not question the role of the lender’s Compliance Officer, he plays an essential part for the good of the industry. As the CO carries huge personal responsibility for regulated loans, you do need to answer the questions accurately: it is the way to get the job done even if you think the questions unnecessary.
Finally, be open and frank and do not respond with what it is believed the lender wishes to hear – like you, experienced lenders are intelligent people and can see through the fog: all you are doing is slowing down the process.
Bridging loans by the very nature of their purpose are usually wanted urgently, working hand in hand with the lender, introducers help make it happen.
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Click here to read the article in the November Issue of Mortgage Introducer
Click here to learn more about our Bridging Products.