The Case Management team helps hundreds of cases progress, and they know all the tricks that can help your case complete quickly and with fewer declines.
So, what are these tips?
How to avoid delays
The biggest cause of delays that we see is OMS not being completed in full. This causes the team to contact brokers and ask for this information as it is required before the DIPS & Applications can be submitted. Information such as:
- Solicitors’ details
- Valuation/ Access Details
- Original Purchase Price and Date of Purchase
- Incomplete or missing client Identification, such as passport numbers
All fields in OMS are essential and mandatory; any missing sections have the potential to delay a case. So, if you want to avoid delays, spending a few extra minutes completing OMS will help your case greatly and get it to complete that little bit quicker.
We also see a lot of cases being delayed due to the adviser not having set up the required agency with that lender. When this happens, this can delay a case up to a week as it can take lenders this long to register the broker on their systems.
Therefore, when you are sourcing a product, ensure that you have agency, not just with the lender of choice, but the next two or three in the list as you may have to change the lender during the process.
How to avoid cases getting declined
The biggest cause of cases being declined that we see is the client not meeting the lender’s criteria, and these are things that can easily be checked before selecting that lender.
Credit Issues: lenders all have different appetites for credit, and this is always available on the lender’s website. So, ensure you review the client’s credit file for missed payments and make sure the lender accepts that level of defaults before you submit the DIP; never assume this will be checked during the DIP process.
Property Types: again, each lender has a different appetite for property construction. All lenders will be happy with standard brick construction, but what about other construction or build types such as:
- Timber frame
- Steel frame
- Poured concrete
- Flat roof
- Flats over five floors high
- Flats over shops
If you see something that is a little different from the normal, ensure you review the lenders’ criteria or if in doubt, speak to their BDM. For a little more information on the types of properties that lenders may not like, please click on this LINK.