At a Council of Mortgage Lenders’ (CML) seminar at the Mortgage Business Expo, it was asked who actually owned the client. Gavin Hunt, formerly of SPML and Kensington and a former broker, said that the responsibility should be defined by an agreement, and asked brokers if they could demonstrate whether they had a relationship with the customer.
When asked by the audience on the best policy for protecting a relationship, Hunt instructed: “Get the customer to sign an agreement, as a lot of brokers don’t do that. Ensure the customer knows what sort of contact they want once the mortgage has completed, and encourage them to manage the relationship.”
Jackie Bennett, head of policy at the CML, added: “Work positively through the options with the client to aid any problems.”
Hunt also claimed that lenders should be giving clear guidance on their expectations of brokers when making applications, and that they should stick to their policies. He said the regulator would be undertaking representative sampling in order to check the validity of applications.
Hunt also believed that there was a gap in the market for part-verified products, and that no lenders had gone ‘wholeheartedly’ into the sector.”
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