CFI: Specialist
Reducing the backlog by
Rob Jupp, CEO,
Brightstar Financial
The ‘can-do’ approach to commercial mortgages
Combine years of specialist experience with a can-do approach and you have a commercial mortgage lender that relates to your clients’ needs better than anyone. Delivering regulated and unregulated mortgages that match the specific needs of your SME clients and property investors across a wide range of property types.
So, rather than offering ‘off the shelf’ mortgages, we’re happy to provide mortgages for customers who break the mould. Which is a big tick in the box for brokers.
I was interested to see some statistics from a lender, which concluded that the time taken to off er was directly propor- tional to the quality of the application package. T is par- ticular lender had found that complete application packages took on average four days less to get to off er. T at is almost a full working week! As a distributor, we work
closely with lenders and bro- kers and see very clearly the issues of trying to balance the needs of the lender and those of the broker and their cli- ent. Where do the problems
“Poorly presented applications will not even make first base”
t 01733 404 518 w
aldermore.co.uk
FOR INTERMEDIARY USE ONLY
Aldermore Bank PLC is authorised and regulated by the Financial Services Authority for deposit taking and regulated mortgages. Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough PE2 6FZ. Registered in England no. 947662
come from? Well, leaving out that those brokers who see administration as an unwel- come aſt erthought and present their applications accordingly, there is no doubt that while the methodology by which appli- cations can be submitted have been made simpler on the surface, the ‘advances’ in lend- ing criteria mean that there can be surprises and brokers need to provide extra informa- tion or proof. Of course, the credit score might be the deal breaker or just make the road to off er a much more complex one, however, brokers need to try and get into the mindset of over delivering on supporting
42 MORTGAGE INTRODUCER SEPTEMBER 2013
information. T ere is still a tendency out
there to provide the bare mini- mum of backup explanation to support an application. How- ever, I would urge all brokers to put themselves in the place of
the lenders and see what
they would ask for if it was their money being lent. T at puts a diff erent perspective on things. T e best way to proceed
is to work to the maxim that the more support accompany- ing an application, the more likely the case will proceed faster. Many brokers prefer to work
through distributors like us for a number of reasons, but one of those is that we can assess an enquiry and know what a lender is going to ask for. T is can save time for everyone. Our lending partners are par- ticularly pleased not
to have
to deal with the volume of unsupported or poorly com- pleted applications, which is the problem for lenders whose doors are open to all. We are only a short time
away from the start of MMR. Lenders are going to be par- ticularly keen that the appli- cations they receive are fi t for purpose from the off , so we can expect that criteria are go- ing to be more comprehensive than ever. T e implication for brokers is that we shall all have to step up and ensure that all applications are presented ful- ly. Poorly presented applica- tions will not even make fi rst base. We all bellyache when lend-
ers’ service slips up. It is time to accept that we all have a re- sponsibility to play our part in the mortgage process for the good of all.
www.mortgageintroducer.com
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