Broker: “Mr Client, I just received a copy of your mortgage offer, did you get your copy as well?
Client: “Yes, thanks.”
Broker: “Do you have five minutes free for me to run through the offer with you, and make sure all the details are correct?
Client: “Sure, that’s fine.”
Broker: “Okay, the offer states that the mortgage is a two-year fixed rate, with no extended tie in period. This means that the amount you pay is fixed for two years from when you complete the mortgage; however, you will not be able to repay the loan, or make over payments in addition to the stated monthly payments. Does that make sense, and are you quite happy with that?”
Client: “Yes, I understand, that’s what I applied for.”
Broker: “Okay, because you borrowed 95 per cent of the property value, the lender charges a high lending fee. This is a fee used by the lender to purchase an insurance contract to indemnify themselves if you don’t pay the mortgage and they have to repossess the property. Do you remember, me explaining that you during the advice stage? Do you fully understand this? Are you happy with this?”
Client: “Yes, that’s all fine.”
Broker: “Etc, etc, etc,” and then at the end of the call...
Broker: “Are you quite happy with the mortgage offer, and with the advice that you have received? Or is there anything that is not as you expected or understood? Is there anything that you need me to explain again or change? Finally, are you happy to proceed with the mortgage on this basis?”
Client: “Yes I am.”
Case closed.
I know that this is a little bit ‘Janet & John’, but the reality is that systems that can perform this task can be purchased for as little as £125 and will save the record in your case management software. So if the customer ever complains that they did not know about some part of the advice given, simply e-mail the call recording to the client of their lawyer with one click of your mouse.
Now that’s what I call TCF.
Paul Holden
Sales director, MortgageStream Case Management Software
