The final push to the 30th June
02 June 2021
02 June 2021
As we enter the first few days of June, the month we have all been fearing, we all know what is coming. Brokers brace themselves for a deluge of client emails reminding us that “there are only a few weeks left until the 30th June!” BDMs brave themselves for a deluge of calls from brokers advising “there are only a few weeks left until the 30th June!” And solicitors are hounded by brokers and admin advising “there are only a few weeks left until the 30th June”. So let’s talk about the elephant in the room. We are all fully aware there are only a few weeks left until the end of June. We are aware what is at stake, we are aware of the potential losses that purchasers face, and we are doing everything we can to ensure this doesn’t happen.
It doesn’t make things any easier however. We are all aware that the pressure meter is about to blow, but we are not in this alone. Lender service levels are longer, so too are our own. They key over these last few weeks has been our ability to package. To get it right first time, to ensure we have checked the lenders packaging requirements to the finest detail, provided everything as quickly and as diligently as possible and then we respect the lenders service level agreements and leave them to it.
Every broker, every lender, every admin, every compliance department, we must now all pull together to refrain from the unnecessary chases and calls. We need to work together to minimise time wasting, to minimise duplication, and do all we can to help our clients get the result they need as quickly as possible. We need to be more in unison than ever before, working together, for the greater good and to remember that we are not the only ones in this scenario. Thousands are in this same predicament so is that call to the lender really necessary? Is that criteria question answered on the lender website or do we really need to waste our BDMs time calling them, adding to their pressures when we could have checked it ourselves.
For those who recall April 2016, when the additional surcharge of 3% would be applied on all second homes, Buy to let’s, etc, we can expect similar pressures. Late nights, lack of sleep, square pegs, round holes! There will be some cases that will not make the cut off, but as someone had mentioned to me then, all you can do is your job to the best of your ability.
So as a collective this month, the key is to ensure we are not wasting anyone’s time. To maximise our output, and that of lenders, solicitors, valuers etc. To notify lenders of those cases in their pipeline that are not proceeding so they are not wasting work hours chasing cases that are going nowhere. To notify solicitors of the same, and admin of the same.
If we think about the hours lost on cases due to poor packaging, lazy pipeline cleansing, lazy criteria calls, pointless lender chasing, the list is endless. This month, we all need to work smarter and think about our peers, our clients and our colleagues within our sector, for the greater good of all.
Back at school we all remember summer anthems. Tunes that shaped our summer. If you listen carefully, you can hear the unmistakable sound of David Bowie in the background. As each day goes by, the volume of “Pressure, pushing down on me, pressing down on you!” Intensifies and our summer anthem for 2021 has already been written.
So let’s stay calm, remain focussed and work as a team. Our industry has pulled together for some unbelievable causes over the years. It is an industry that we can be proud of. As an industry we have slept on the streets for a great cause, we have entered the music charts with a Christmas Charity single, we’ve climbed mountains, jumped out of planes, ridden bikes countless miles, and ran marathons. We now even give blood to a new type of lender, The Blood Bank!
So before we make that lazy call, let’s think of the importance of time this month, and see if it is something we can answer ourselves. Not just for the sake of the BDM, but for the sake of other brokers, for the sake of our clients and other brokers clients, and for the sake of everyone out there that wants to turn down the volume of David Bowie, reduce the pressure, and make this a summer of celebration. Our clients need us, and we need to work together, to help them and help our industry peers.
Prolific Mortgage Finance Ltd
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.