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Mortgage lender awards - Do they deserve any?: Chris Hulme
It’s that time of year again where the emails come flooding in from lenders to brokers like myself in the vain hope that we will vote for them and their ‘award winning service’.
The 2008 results (announced prior to the full fallout of the current crisis) saw recognition and achievement status bestowed upon many lenders who have taken a significant portion of the blame for the credit crunch.
The awards could fall down on so many levels this year.
Firstly, there are so few lenders in the market, there are more than enough ‘awards’ for them to share between themselves.
Secondly, the lenders who are still actively lending haven’t exactly endeared themselves to brokers or clients due to the lengthy backlogs, delays, unpredictable underwriting criteria and funds booking systems.
Thirdly, and most importantly, the dual pricing policies of said award winning lenders have struck at the hearts of advisers across the board, whose votes they now ask for. Dual pricing has lead to confusion and uncertainty for clients who can find themselves in front of bank advisers who cant ‘advise’, only ‘take orders’.
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