Mortgage Broker Process

[Deleted User]

Quick one for those that are or have used a mortgage broker:


How do you normally arrange for the application to be completed?


I've been given a form to fill in which is a repeat of the income/expenditure for affordability, and then been sent the application form for the lender to complete and send back with the other supporting documentation.

ACG

I normally complete a factfind, do the research, present the recommendation (KFI). If everything is ok at that stage I get any extra info I need for the application and then submit it.

[Deleted User]

ACG wrote: »

I normally complete a factfind, do the research, present the recommendation (KFI). If everything is ok at that stage I get any extra info I need for the application and then submit it.

So do you complete the application form or send it to the client? I know most lenders accept electronic submission, which is true in my case also. I'm guessing by sending a form to a client that's one method of obtaining info. Just curious..

ACG

I would not expect a client to complete an application form. I would have 99% of everything needed from the factfind, the extra info I would call the client for.

Malmo

Our broker sent us a Fact Find for us to complete (as per ACG) and sent us KFI sheets for the recommended lenders and their mortgage products.

The broker should be filling in the application form and packaging everything together (supporting documents & paperwork), ready for submission to the lender. Anything not in the Fact Find that was needed in the application form I was asked for by email before submission.

amnblog

All brokers will gather background information compiling it themselves or asking the client to put it together. Most will call this a fact find.


The borrower can then expect to get a illustration showing the recommended product which is known as a KFI (Key Features Illustration).


When the application needs to be put in the broker needs further information that may not have been taken at fact find stage - perhaps about the target property, or solicitor.


Some may ask the borrower to fill this on to an application form although most of the applications we do are submitted online to the Lender without an application form being used other than for reference.


Brokers work in dozens of different ways.


Our clients would be horrified if they had to complete a paper fact find, a paper application form. or were asked to email sensitive information.


Each to their own.