Brokers have received an e-mail outlining the standards set by Accord. They include the promise that all faxes, e-mails and letters received by 9.30 am will be processed the same day; verification referrals will be dealt with the same day; if an agrement-in-principle (AIP) is done online and is referred then Accord will get the broker an answer within four hours; and if waiting for documentation to process an application there will be a reminder every three to five days.
Intermediaries can check how Accord is performing against the standards set by accessing the service section of its website, which also contains other service statistics.
Linda Will, managing director of Accord Mortgages, said: “To the best of my knowledge we are the only lender to provide this service. We see transparency and service as key factors for brokers and this service will allow them to see exactly what is going on and how we are performing at any time.”
Chris MacMahon, sales director at Infinity Mortgages, commented: “These are detailed standards that we too maintain but we haven't chosen to publish as they can sometimes be seen as ‘window-dressing’.
The key thing is communication. Brokers must be confident that the lender has adopted full case management and is keeping then fully informed every step of the way.”
Ian Giles, marketing officer at Purely Mortgages, added: “I’m all for it. It is a brave and positive step forward. Transparency is a key word for us and it’s good to see that Accord has highlighted this. I hope that other lenders will follow suit.”
