The Broker Blues Thread

GMS

I had one a while back with Abbey.

Client had a second job and was paid fortnightly. Annualised his year to date to get an average weekly figure. This times 52 gives his yearly wage. Not to Abbey. They agreed the average weekly figure was fine but because he was paid fortnightly they said it was to be multiplied by 26.

Asked them how many weeks int he year. They correctly answered 52. Asked what would I do with a weekly figure to get an annual income. Again, correctly answered 52.

So I said we agree then? No he is paid fortnightly so x 26. His year to date was higher than the income they said he earned in the year!

Referred to manager. She agreed with the underwriter. Referred to senior manager who agreed they were both idiots!

Client unaware of troubles as it should be. As far as he was concerned t was a smooth transaction!

Dave_Ham

Wow, a day in the life of.

I sort of dismiss and manage lender and client frustrations, as typically they are not deliberate or premeditated.

However Estate Agents hiding behind vendors protection tips me over the edge every time.

"My vendor is nervous that the valuation has not been booked 5 minutes after the offer has been accepted"

"My vendor is considering re-listing their property as searches have not been instructed prior to receipt of a mortgage offer"

"My vendor has specifically said they will only accept offers from people who have been fully verified by their in house mortgage adviser"

"If we do not exchange on this one by Friday, my vendor will be pulling out"

Etc. Etc

Senior_Paper_Monitor

I was so fixated with the, at times, naïve/crafty (take your pick) clients and incompetent lenders I forgot the estate agents !! I'm with Mr Ham on that one - my vote is officially transferred.

haras_nosirrah

one of my nightmare cases got offered yesterday. No idea how

Leeds case 5% deposit shared ownership
client told me her and her partners income, payslips etc. He was also self employed (90's pop star) but didn't use the income as fit affordability without etc

emp ref comes back for her and employer confirmed income of 11k rather than 23k. Response from client... I have gone part time and got a second job a week ago. Is that a problem. Leeds only accept second job after 6 months. Went to the self employed. Accountant ref shows all income is repayment of a directors loan and won't use it. Offer for 23k less than needed

3 months and lots of tea and hair pulling later and we have the offer for the full amount. That and the client who didn't think that they needed to declare 60k of credit card debts are probably the most interesting

kingstreet

Valuation was done on my latest Leeds case yesterday.

Fingers crossed they have everything and they can offer it. They've already asked me again for the stuff I uploaded about five minutes after submission.

ACG

What are Leeds like? Ive always shied away from them as my BDM is useless. She never (not once in 2 years) answered her phone, she leaves a 15 minute answer phone message saying call anyone or everyone but if i really must then i can leave a message, then i get a call back 2 hours later - it doesnt fill me with confidence that if it goes tits up she will be there to help.

Senior_Paper_Monitor

I suspect you have the same or clone BDM as us - they are currently in the 'only if I absolutely must' file with Virgin and Accord.


For Leeds and Accord I get the impression they simply don't want the business - where as Virgin probably do but don't know how to do it !

kingstreet

As long as you submit everything on the list they are about as good as most other lenders. They have their moments, but as long as you are prepared for it to take about three weeks from app to offer, you should be fine.

I tend to have no option for 95% SO newbuild, so I make the most of it. Our BDM is better, I must admt.

ACG

I have said this before but i would rather turn business away than use accord... not worth the hassle/stress or the constant daily emails telling you there is no update - made worse by the fact it takes them 2 weeks to look at something. I know there is no update thats why im chasing you!!! I really do not like Accord. If i ran my business like they ran theirs i would not have one.

kingstreet

Their BDM met up with us recently.

Suggested that as we are newbuild specialists, we call him to find out how good their service is at the time, before submitting an application.

How about we just carry on using our current lenders who manage to get cases offered inside two weeks on pretty much every case... :mad: