How can advisors improve the speed of the applications process?

October 28, 2021 by Alan

Mortgage Advisors

One of the most common frustrations that advisors express about the applications process is how long it takes for it to be completed. However, both the advisor and the lender are responsible for this, so what can advisors do to speed it up?

One issue that has been cited by lenders as a reason for delays is advisors finding it difficult to get the necessary accurate client data. This has been particularly true during the recent crisis, with remote working making it harder to contact clients, and the stamp duty holiday leaving advisors with heavy workloads.

Making absolutely sure that the information about your client is 100% accurate is crucial to ensuring a fast turnaround. While those who have done a CeMAP mortgage advisor course will know, it is easy to lapse under pressure.

A second point to consider is that some mortgage lenders have particular requirements when it comes to the packaging of applications. Usually, these will be outlined on the lender’s website, so making sure to check that and follow any specifications – for example, uploading everything at once to assist underwriters – will make the process faster.

Finally, just as an application can be held up if not enough data about the client is supplied, too much information can also slow an application down. That is because the lender has to review all information submitted. Be absolutely sure that you only include data and documents that are necessary to processing the application when you send it to the lender.