Promise Specialist Lending has revealed that its September second charge completions were up more than 40% against the firm’s best month following the adoption of a Mortgage Credit Directive (MCD) advised process.
As a result of new sales processes Promise has seen a 25% increase in conversion in applications returned by clients and a similar increase in the conversion rate to eventual payout.
Steve Walker (pictured), managing director at Promise, said: “It’s true that some customers who may have previously been accepted prior to MCD will not pass the lender’s affordability test now. However, where Promise is giving the advice, the overall conversion rates are much higher largely due to the thorough fact find and advice process which identifies early on those customers we can’t help or those where a second charge simply wouldn’t be suitable. Thereafter our clients are far more engaged, keen to proceed and we see far fewer applications declined or cancelled.
“The second charge packaging side of the business has seen similar growth and better conversions. Whilst Promise is renowned for going the extra mile to find solutions for its brokers, they also want a quick ‘no’ rather than waste their time or their client’s time. Integrations in to lender systems are helping get faster and more concrete answers. The more probing questions of our underwriter/advisers also help to identify problems and steer brokers to a faster solution.”
The master broker recently completed it seventh lender integration through its loan sourcing portal Loan Brain and further integrations are in progress.