in disposal of the property is usually detrimental to the borrower except when house prices are rising rapidly, which is not the case at present. Achieving sales for the best price possible in the quickest timeframe is the key driver for us as asset managers. We have robust procedures in place to ensure the borrower’s shortfall is always minimal. We pride ourselves on managing the property and the customer account to keep costs to a minimum to ensure that customers don’t face large disbursements being added to their account at the point of redemption. Our experienced possessions consultants work to ensure that all work undertaken is quoted in a timely and cost effective manner. As time potentially affects the value of a property, all of our procedures are developed with speed to market as the crucial component. This ensures that the property is marketed in as quick a timeframe as possible giving the chance to sell as quickly as possible for the best price. We use our own management information to help inform us at different levels throughout the company. This account level MIS, coupled with regularly reviewed KPI’s and also ultimately staff bonus targets all help us to drive positive TCF benefits. In addition, we have a high level dashboard in place that we utilise to demonstrate positive and negative TCF behaviours and these are adapted to meet each individual client’s requirements. This is used both by our clients and also senior management within the business. While TCF is primarily performed by our clients via direct contact with the borrower, each client has varying TCF requirements from us. Therefore we must work closely with current and prospective clients to understand what they need in terms of TCF and therefore establish appropriate targets.
Clear information
The FSA also outlines that customers must be given clear and adequate information, and kept appropriately informed before, during and after the point of sale. Furthermore, where customers review advice, the advice must be suitable and take account
of their circumstances. By employing experienced possessions consultants trained in TCF we can ensure this outcome is met. We also work closely with all clients to make sure clear and adequate information is available at all points of their own customer contact. An increasingly important aspect of TCF within repossession services is customer expectation. Customers should be provided with products that perform as firms have led them to expect, and the associated service should be both of an acceptable standard. The public is more aware of the stages of repossession and this is something we appreciate. The main objective of our asset managers in
handling all repossessions is to achieve a sale in the quickest timeframe possible whilst achieving the best price possible based on the properties current market value.
In short, by continually reviewing
repossession policies, procedures and current practices, asset managers can ensure that customers are being treated fairly and offer reassurance and confidence to the lenders they are providing a service to. The issue of TCF continues to be a matter of utmost importance for firms and their senior management and it remains crucial in all aspects of the sales process, including in the event of the last resort action of repossession. n
morTgAge inTroduCer JUNE 2010 31
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