LSL launches new packager: The Mortgage Processing Centre
LSL has just launched a new packager called The Mortgage Processing Centre. Geared to niche and specialist lending The Mortgage Processing Centre will be available to appointed representatives of First Complete and Pink, estate agency advisers in Reeds Rains and Your Move as well as directly authorised advisers in both TMA and the Pink Club.
With the aim of becoming the number one mortgage packager in the UK for niche and specialist lending, The Mortgage Processing Centre will have a specialist mortgage placement desk, and will help brokers to deal with niche mortgage cases that they may not come across very often including houses of multiple occupancy (HMOs), multiple buy-to-lets, expat buy-to-let, high net worth buy-to-let and semi-commercial lending. It will also help clients who may have failed High Street credit scores.
The mortgage desk will provide expert advice on which lenders are likely to deal with the case and details their criteria. If both the client and adviser are happy to proceed, a Decision in Principal (DIP) will be submitted to The Mortgage Processing Centre. If the DIP is accepted by the lender The Mortgage Processing Centre will package the case in line with the lenders requirements and then submit it to the lender for final approval.
The Mortgage Processing Centre already has six lenders on its panel including: Buckinghamshire Building Society, GE Money Home Lending, Kent Reliance, Magellan Homeloans, Precise Mortgages and Shawbrook Bank.
It will provide a front line customer support function and expert fulfilment for lenders, making sure that every case submitted fits their criteria and underwriting requirements with the aim of greatly increasing their conversion ratios.
The Mortgage Processing Centre will be headed up by David Copland, LSL’s director of mortgage services who said:
“There is a growing need for a good quality packager who really knows the mortgage market. As more lenders enter the market with increasingly innovative products, it makes it harder for advisers to deal competently with every mortgage request that comes to them.
“The Mortgage Processing Centre is there as a middle man to provide expert guidance and support to the adviser while providing expert fulfilment to lenders, reducing the cost to them of processing the cases they receive.”
Alan Cleary, managing director of Precise Mortgages said:
“There is a growing need for a strong and competent packager like The Mortgage Processing Centre from LSL staffed by people who really know the market and know what the lenders need. For a specialist lender such as Precise, receiving a well packaged case that fits our criteria, plus all the additional information adds a huge amount of value both to our business, but also to the broker and the client whose case will go through first time.”