Mortgage Promotions has launched an electronic mortgage desk to help its registered users place difficult or unusual cases.
Mortgage Promotions says its registered users can visit the site morgatgepromotions and click on the e-mortgagedesk logo and enter their details and the details of the case they are struggling with.
When they hit the send button an email sent to every underwriter at every lender on the Mortgage Promotions panel with user automatically receiving a copy of the email sent to underwriters on their behalf. If a lender can do the case they contact the Mortgage Promotions registered user direct.
Nick Baxter, director of Mortgage Promotions, says most mortgage clubs usually have a traditional mortgage desk run by a few of their staff as an appendage to their other roles but that there are a couple of problems with this traditional approach.
There is no way, he says, these people can know the lending criteria of every lender. And many lenders have a flexible approach to certain cases based on the full case details and what percentage of target they are achieving at the time.
Most importantly such a way of working would involve the mortgage desk in the advice process. But mortgage clubs are not regulated by the FSA and as such they must not take part in any aspect of the advice process.
Baxter says: “Historically, if a registered user is struggling with a case we have asked them to send us an email and we have forwarded it on to our lender partners. Although, the result has been beneficial to the firm, usually three or four lenders feel they can do the case and directly contact the registered firm, we have not promoted the service because it has been too labour intensive. As the new service is totally automated we are now able to promote this facility as a real benefit of being registered to use Mortgage Promotions.”
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