Thursday, 16 January 2014

Sharing the lender panel pain with mortgage brokers

“This decision has destroyed my livelihood. Since being struck off panel, I have been told I can no longer be a member of my network, other lenders have refused my registrations and I have struggled to find another network to take me on. I have been a broker for over 10 years and have never had a problem before. It is only right I get a fair chance to fight my case but I am being denied this.”

Sound familiar?

These are the words of a broker reported by Mortgage Strategy recently, after finding out he had been removed from the panel of a major lender, without any reason and without any right of appeal. 

Let's hope that in 2014 lenders demonstrate the ability find sophisticated and positive ways to determine which law firms and brokers should have the privilege of being on their panels.

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