Need to check brokers application?

gsmyth123

Hello, we’ve been sent a mortgage application declaration to sign, and the main point all over it says to CHECK THE APPLICATION. I called my broker and he said i didn’t have to and they are liable if anything is wrong. My gut feeling is to ask him to send me it to check but it’s been delayed already so keen to get moving.

Do we need to check it or should we just sign the declaration?

Thanks.

MortgageMamma

Hi there

I always send my clients a copy of the actual application to check its just good practice. The client needs assurance they have had the right information put on the application form otherwise how can they sign the declaration to say its all true?

Insist you see it. If there is the odd thing that isn't quite right its not a sign you have a bad broker, these things happen, you can just ask for it to be rectified which is a simple email or memo to the lender

Lilla_D

I don't routinely send clients a copy of the application form, but when a client last year asked for a copy of her mortgage application, I duly sent it to her, as she has the right to see it. She came back saying that
- she wasn't an EU citizen, but she was British - I explained that on the application form I could choose between British/EU citizen or non-EU citizen, but on the summary only the EU citizen appeared and since the UK was still part of the EU, the information was correct;
- her income wasn't what I reflected on the application - I explained again that the lender used her self-employed income based on her Ltd accounts, not based on her SA302s;
- her job description wasn't accurate - I explained that I had a drop down menu in the application and out of the options available I chose the closest match

All of this, and many more points during an application form, can appear misleading / incorrect when a client reads an application summary form, so I don't normally send the summary, unless someone specifically asks for it. The client provides information and documents and we as brokers have the duty to convey the information correctly. So from my point of view, I don't see the need to send a copy of the application form to the client, cause unnecessary upset (see above example), make them spend some time writing an email/phoning me about what they think is wrong and then me wasting time explaining that everything is correct. If we make a mistake, it'll become apparent soon enough and we can correct it.

However, if your gut tells you to ask for a copy of the application form, by all means do that and have peace of mind instead of losing sleep over it. Ultimately, it's a big financial commitment and you have to feel comfortable with the arrangement you have in place.

kingstreet

We send a copy of the application, along with TOB, FactFind, Illustration and Suitability Letter in every case and ask that the applicant checks everything and asks if in any doubt.

As Lilla says, you get many repetitions of the ones where the dropdown is limited and you can't match the occupation to the letter and my favourite is the Halifax summary which enters the date the case was set up as the date they moved to their current address if you press the "lived there more than three years" radio button.

Sign the declaration if that is what is requested and then request a copy for checking afterwards.

ironmanjason

MortgageMamma wrote: »

Hi there

I always send my clients a copy of the actual application to check its just good practice. The client needs assurance they have had the right information put on the application form otherwise how can they sign the declaration to say its all true?

Insist you see it. If there is the odd thing that isn't quite right its not a sign you have a bad broker, these things happen, you can just ask for it to be rectified which is a simple email or memo to the lender

I would have greatly appreciated such a gesture from my MA!

gsmyth123

okay i’ll get it in the post (they won’t accept digital signatures) thanks all!