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18
✱ STAR LETTER
Abbey has always acted in brokers’ best
interests and will continue to do so
In recent months, as a way of ensuring that
we continue to meet the service needs of
intermediaries and maintain a steady flow of
applications, we have undertaken an
intensive review of our pipeline business. This
has resulted in us accelerating applications to
the ‘accept’ or ‘decline’ stage.
As a result of the review more than 1,000
outstanding cases have been accepted with
no further underwriting or income verification
required.
‘‘
In the present
market with its
tighter risk
criteria it is more
important than
ever for brokers
to provide
comprehensive
applications that
adhere to
guidelines that
can be found on
our website
Naturally, some
cases have been
declined and
because of the
review this has
resulted in a
perception among
brokers that more
cases are being
declined than usual.
This is not true.
Despite this,
some intermediaries
have questioned our
activity but it is
important to
understand that we
have not been
underhand, nor
have we been unfair
in decisions taken
during the process of clearing our pipeline
business.
Indeed, we have taken these measures in
the best interests of intermediaries and to
enhance the service we provide them.
We appreciate that some brokers may be
disappointed with the decisions we have
taken but all the things we have done to clear
our pipeline have been based on the need to
avoid giving intermediaries the ‘slow no’ and
offer them better service.
Moreover, endless reworking of cases to
make them fit with further piecemeal
documentation arriving after the original
submission only adds to the problem.
In the current challenging market with its
tighter risk criteria, I would like to remind
intermediaries that it is more important than
ever to provide comprehensive applications
based on guidelines that can be found on our
website.
For example, if a system decision is agreed
‘subject to’, intermediaries should not submit
applications without the supporting
documentation requested.
Adhering to this procedure will give your
clients the best possible chance of success
and allow us to process applications more
speedily. In short, the best possible
presentation of cases is not only important –
it is essential.
In the meantime, as you would expect, we
are continuing to explore every way to
maintain a high standard of service, and this
clearance of pipeline business should not be
misconstrued as a service-related problem.
Rather, it is a short-term action intended
to bring about longer term service
improvements for brokers.
We believe what we are doing is in the best
interests of brokers and look forward to
continuing to demonstrate our commitment to
the intermediary channel through our delivery
of timely and efficient service.
RICKY OKEY
MANAGING DIRECTOR
ABBEY FOR INTERMEDIARIES
BY EMAIL
Abbey can’t cope
with enquiries
from brokers
I would like to respond to the star
letter from Chartwell Funding
managing director Robert Winfield
in the last issue of Mortgage
Strategy.
I can only assume that
Chartwell is not in a part of the
country that has to deal with
Abbey’s intermediary centre in
Manchester.
I have been reduced to writing
letters of complaint to the chief
executive, chairman and chief
financial officer of Abbey as well as
my local MP in the hope that things
might move forward.
In February I placed six
applications with Abbey. At the
time of writing two have been
declined without explanation, two
other potential borrowers have
asked me to move their applications
to another lender in the hope of a
quicker decision and my first-time
buyers are still hanging in there in
the hope of an offer later this year.
Abbey’s recorded telephone
message suggests that I use its
online case tracking system but my
first-timers have been waiting since
February 13. What sort of progress
is that? On one occasion I was kept
on hold for an hour.
While I accept that some lenders
have sorted their problems out it is
obvious that others, having got rid
of staff and cut their intermediary
offices to the bone, can’t cope when
they launch competitive mortgage
products.
LIN MACDONALD
MORTGAGE ADVISER
BY EMAIL
MORTGAGE STRATEGY April 20, 2009
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