The Broker Blues Thread

GMS

After approx 6 weeks of what can only be described as torture from Shawbrook's legal providers Pure Law it finally seems like I am getting somewhere with a commercial purchase.

If I had any hair left it would have gone with this one. Beers tonight!

Murphy2011

Thanks ACG & Betmunch for replying, really appreciated.

I have to say I also used to talk about a protected mortgage and try to make sure that we discussed all eventualities. I did a lot of income protection which was probably because of personal experience & very rarely did nothing.

We have seen 2 issues arising from either not covering protection at all or going for the cheapest options; the first is that somebody else will do the protection instead and then contact your client when their fixed rate is up as well and the 2nd is that persistency suffers because the client doesn't recognise the value and goes to an aggregator to get it cheaper.

I believe that proc fees are still fairly low for the many hours of work you put in so as ACG says, why not potentially double or triple your earning and offer the client the best advice as well? Also f the mortgage does fall through then in a lot f cases you can still look to protect income/family and haven't completely lost out?

Thoughts?

betmunch

ACG wrote: »

But you do the factfind, you come back and do the research - the research (for me) includes protection.

You then go and see the client to do the recommendation and you go through the mortgage and protection.

Roll it all into one and dont treat it as 2 separate jobs.... Ive been guilty of doing that, saying to myself we will sort it out when the mortgage is done but then you dont get round to it.

Hahahahaha, thats like a quote straight from my Principal.

Dont worry mate, I am trying to do it that way.

Going to take a week off at the end of the month, then when I come back I hope to utilise this model more effectively.

This week is about catching up with admin so I have a clean slate after the holiday. Imagine that? A holiday!!!

betmunch

Murphy2011 wrote: »

Thanks ACG & Betmunch for replying, really appreciated.

I have to say I also used to talk about a protected mortgage and try to make sure that we discussed all eventualities. I did a lot of income protection which was probably because of personal experience & very rarely did nothing.

We have seen 2 issues arising from either not covering protection at all or going for the cheapest options; the first is that somebody else will do the protection instead and then contact your client when their fixed rate is up as well and the 2nd is that persistency suffers because the client doesn't recognise the value and goes to an aggregator to get it cheaper.

I believe that proc fees are still fairly low for the many hours of work you put in so as ACG says, why not potentially double or triple your earning and offer the client the best advice as well? Also f the mortgage does fall through then in a lot f cases you can still look to protect income/family and haven't completely lost out?

Thoughts?

No worries, just trying to help with your question.

Your absolutely right about what happens, I'm just trying to show why we dont get the protection in.

If you had a way of cutting out the time spent on the mortgage, or releaving the pressure from the clients chasing then protection sales would go up.

Its the squeaky wheel that gets the grease, and like I said no clients ring to complain they havent had their life quote.....

amnblog

betmunch wrote: »

No worries, just trying to help with your question.

Your absolutely right about what happens, I'm just trying to show why we dont get the protection in.

If you had a way of cutting out the time spent on the mortgage, or releaving the pressure from the clients chasing then protection sales would go up.

Its the squeaky wheel that gets the grease, and like I said no clients ring to complain they havent had their life quote.....

Do the maths and you will see that a decent level of protection sales will give you the financial freedom to be pickier about the mortgages you take on.

The problem we all have if that if you offer protection to clients and an uninsured client dies, the widow will be at your door asking why you did not close the business.

We had a client where my colleague chased the life business 24 times (yes 24). The client died a year to the day after the life cover went on risk.

Our response from the bereaved household - a query via their solicitor as to why there was insufficient insurance for the family's needs.

(They had not maintained existing policies that we considered as part of our recommendation)

stephenni1971

Curious on other brokers use of credit reports before application. I know the scores are useless - but as even small missed payments and arrears are now being used to reject I'm coming to the conclusion I should get ALL my clients to get a Statutory report before application to avoid any errors.

Anyone else already do this?

As an aside had NW and HSBC both tell a client a search and a rejection would be shown on their file - don't these muppets know anything?????

ACG

I have always requested clients get at least equifax/experian and noddle but preferably all 3.

kingstreet

As the same adverse item rarely appears on all three versions, there can be a definite advantage in matching the lender to its chosen CRA, then you might get a better rate because something is not visible to the lender.

BTW I am not advocating telling lies here. Disclose the adverse at application stage, but chances are if it isn't visible, it won't down score.

ACG

After the week I have had (and we are on Wednesday) I actually want to quit this job!

First time in 3 years I have ever thought that!

Im sure come friday once they are all back on track I will change my mind (they will be), they are just hiccups but hiccups im struggling to find the time for.

I will also just add, I hate MAX!!!

I think im at the point of not taking on any more cases for a week or 2.

kingstreet

Leeds - added card details to application.

Leeds - submitted three months payslips and P60.

Email asks me to call with card details to pay fees and for March payslip. Pdf of payslips and P60 uploaded has mysteriously got two invisible pages in it at their end and app form clearly states fees are to be paid up-front and card details are correct.