Our Spanish friends...

T0mmyh

Can any brokers advise what the workload is like over there?

My vendors are 5 weeks past offer acceptance and there is still no valuation booked?

Useless estate agents says they have a back log and this is normal for them?

Thrugelmir

When did they apply?

T0mmyh

Don't know exactly about 4 weeks ago I believe.

amnblog

Hi Tommy

You may well find that they actually applied about two weeks ago.

We often have applicants come to us that have put an offer in, done nothing for a fortnight, then take two more weeks to give us the information we need to process the case.

We can't say for sure, and either way it causes you a problem, but my guess would be more about the client being slow to act than the Lender's workload.

ACG

I was at a conference thing yesterday and there was a rep from Abbey/Santander, he did not get the best reception ever (and that was after bribing us all with pens and mints).

I get the impression they are not the quickest at the minute going off what some brokers were saying.

EDIT:
http://www.santanderforintermediaries.co.uk/content/our-service

This is the average, some will be quicker/some slower. It gives you an idea though.

Senior_Paper_Monitor

We do quite a lot of business with Santander - they are slightly slower than normal at the moment.


The biggest queue is currently for underwriter review - 5 to 7 working dyas. the problems arise if additional docs/info required as you supply it and it goes to the bottom of that queue again.


Just had a client offered reduced lending (argument over bonus - a common problem with Santander) and reduced lending. Accepted reduced lending and forwarded further supporting docs as requested. 6 days later phoned saying after review had increased lending (part way between the two levels) and did client wish to take this. Answered yes - and now at bottom of queue again fro underwriter to sign off for valuation.


Get caught in the 'sent to underwriter loop' more than once and 4 weeks is easily the case !!

Senior_Paper_Monitor

The classic with Abbey over the last few weeks is that they normally operate a pretty efficient automated system demanding any additional info/documents - which culminates in a final warning and subsequent auto cancellation (no appeal - case lost, new products apply etc) if you don't comply in their timescales.


Over recent weeks (the MMR debacle) they have been unable to review the documents sent in before the time limit runs out - and case is cancelled despite the stuff being on their system for days. A cause of some serious heart tremors for brokers I can assure you - but they suddenly invented a way to reinstate such cases when they eventually got to the documents (and then put on the underwriter's queue) despite it previously being "impossible".

T0mmyh

Cheers for the info. Guess I'm in limbo waiting!