They say they are experiencing exceptionally high volumes of new mortgage applications and have noticed that some of these are being submitted incomplete, either without all the details requested or without the additional documentation required to complete the application. In some cases the information supplied is incorrect or limited in nature meaning that they do not have a full picture of the client and their circumstances.
To correct this problem and to give brokers a better service they have produced a new checklist to help submit cases correctly.
From Friday 26th June if a mortgage application is ‘declined’ on first submission to an underwriter, brokers will receive a MATS message and telephone call advising them of this. This will be a final decision and there will not be the opportunity to challenge the decision and no further action will be taken by Abbey.
If however there is a significant change or insufficient detail provided by the broker that has led to the ‘decline’ and the broker feels that the decision could be reversed,brokers will now have to submit a new FMA and make sure they refer to the original application in the ‘notes’ field on Introducer Internet. Brokers may manually select the original product, even if it is now off sale, however, they must compete the ‘notes’ field to let Abbey know.
The new apllication will not register as a further credit search provided submission is within 28 days of the original search and the name and address details are identical to what was previously provided. Any re-submission of a new FMA will be subject to any new lending criteria that have come into effect since the original application was made.
Abbey says the key is to ensure that brokers provide them with all the facts at first submission. They expect that these changes will see an immediate improvement in application processing time and service response times.
