Woolwich to accept Certificates of Introduction from brokers

Ramesh Sharma

June 1, 2004

It will accept the Certificates of Introduction from FSA-regulated intermediaries for both residential and buy-to-let mort- gage applications with immediate effect.

Qualifying brokers submitting mortgage applications will no longer have to supply certified copies. Instead they will complete a standard form and certify what documentation has been seen.

David Finlay, intermediary business director at the Woolwich, said: “This change represents a direct response to feedback we have gathered. I believe it will make a significant contribution to improving the perception of the Woolwich among brokers.”

The Woolwich has admitted its previous policy of relying on certified copies of passports and driving licenses caused issues for brokers and believes the change will result in less administrative work for intermediaries and thus a much- improved service for their clients.

As a result of reducing the amount of paperwork required to begin processing a case, the Woolwich expects there will be fewer instances of missing items and therefore less delays in getting cases to offer.

Finlay added: “This demonstrates our continuing and long-term commitment to the intermediary market and I am delighted with this enhancement to our submission process that will make us easier to do business with.”

James Cotton, mortgage specialist at London & Country, said: “It’s good to see innovations like this in an effort to speed-up processes and service to brokers. There is nothing wrong with putting the onus on intermediaries to certify such documentation providing proper checks and procedures are implemented and there are no corners cut by either the broker or the lender.”

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