The packager admitted that with the high number of lenders currently pulling products at short notice, brokers needed to be informed of such developments as soon as possible.
Tristan Pile, head of sales and marketing at Complete Mortgage and Loan Services, insisted the move would benefit all concerned. He said: “In the current marketplace, news about withdrawals is highly relevant and accurate information from lenders to brokers has been a case of ‘hit and miss’ so far.
"The Complete Breaking News updates are managed and controlled by our head of underwriting so the information is well-informed, up-to-date and accurate.
“Ultimately, this not only saves us time in processing applications, but it also helps our broker base to offer their mortgage clients accurate and timely information about what is in offer to them.”
Brokers have already questioned the limited notice some lenders give when withdrawing products, with many querying the implications under the Financial Services Authority’s ‘Treating Customers Fairly’ principle.
Doug Hall, deputy managing director of 3mc, commented: “All packagers should be doing this as best practice as you have got to keep your customer informed. How you communicate that information is down to the individual packager but you’ve got to be doing it.”
