In response to Scott Philipson’s comments regarding the figures released by the Citizens Advice Bureau that some 770,000 people have missed one or more mortgage repayments in the past year, I would question how many brokers know which of their clients are among the 770,000?
With all the hype around speed of offer, speed of remortgage funds, automated valuation models (AVMs), when will lenders start to invest in systems that can allow brokers to service clients post-sale ?
I understand the Association of Mortgage Intermediaries (AMI), wrote to lenders months ago, advising them that their interpretation of the Data Protection Act was incorrect and advisers who sold products should be given sufficient information to service the loan.
If a broker knows that a client has missed a payment, it gives an opportunity to advise the client on actions that can be taken to minimise the risk of further financial problems.
I suppose for the lenders, getting new business in quicker is a greater priority to than helping intermediaries look after clients post-sale.
As interest rates rise and more payments are missed perhaps we are not far away from the two-hour repossession .
Alex Murray
Thinc Destini
