Innocent advisers at risk of panel ban
Homeloan Partnership’s managing director, Chris Tanner, says if a lender bans one broker in a firm, the ban can include the principal firm as well.
If the broker is a member of a network the results are as severe because, as most networks cannot establish the details behind the panel removal, they have to conduct a random investigation and it is likely the broker will be terminated and not work again, he claims.
He said: “Lenders are reporting higher levels of fraudulent applications as potential borrowers try to find ways to qualify for a mortgage at a time when lenders have pulled back from all self-certification, high loan to value and income multiple mortgages, adverse credit and those for the self employed without adequate accounts. Sadly, this has put advisers in the firing line.”