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The role of a BDM

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  • amnblog
    amnblog Posts: 12,730 Forumite
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    GRBWA wrote: »
    Trouble is what do you say to your client if the mortgage does not get approved for reasons not related to the property ?


    I say "you were not approved because...."


    "alternatives are..."


    "there are no alternatives unless ...."
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GRBWA
    GRBWA Posts: 58 Forumite
    After telling your client it was already approved ?


    I genuinely wish I had gone direct now.
  • amnblog
    amnblog Posts: 12,730 Forumite
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    when were you told it was 'approved'?


    at decision in principle stage?


    You have not stated here that anyone has told you that the case is NOT progressing.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    He may have told you the BDM has the mandate to settle your nerves as hes 100% it will be accepted? Im not sure how he can be 100% but I like Skipton they are pretty good and straight forward - just what you would expect from a yorkshire firm?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GRBWA
    GRBWA Posts: 58 Forumite
    I got pass at DIP

    Coincidentally he was having a meeting with BDM day before full app. He went through case with BDM who according to him said it was fine.

    Broker then advised only thing that could go wrong now is survey. I asked if BDM had authority on two occasions and he said yes they do.
  • amnblog
    amnblog Posts: 12,730 Forumite
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    I asked if BDM had authority on two occasions and he said yes they do.
    That is not the case.


    However, we have not heard of bad news yet - so fingers crossed.


    Where is the Broker based?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GRBWA
    GRBWA Posts: 58 Forumite
    Pm Sent................
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Blimey. I've taken out the odd mortgage, including one a few weeks ago, but have no idea what all the TLAs above mean!

    BDM? (Guess: Business Development Manager? Hmmm, ours develop business and avoid day to day)
    DIP? (Guess: Decision In Principle)
    TCF?
    IRM?
    FCA: (Guess: Financial Conduct Authority)
    MMR: (Guess: Mortgage Martket Review)
    ACG?

    I just went to chat to a bloke and he gave us some money!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • ACG
    ACG Posts: 24,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ACG - Awesome contract getter?

    If your broker is based in the North West he may have the same BDM as me. He does really know his stuff.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GRBWA
    GRBWA Posts: 58 Forumite
    He isn't sadly
This discussion has been closed.
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