03 July 2017
NatWest Intermediary Solutions has some tips on application packaging to help make processing speedy and avoids unnecessary delays.
The importance of correct packaging and getting it Right First Time
Over the last three to four years they have seen a massive improvement in the percentage of correctly packaged applications they receive thanks to the work their BDMs have done in partnership with their brokers identifying exactly what they need to ensure smooth passage.
Plus, they have their dedicated broker instant messaging service LiveTALK which can provide you with speedy responses to your questions about applications pre-submission, including clear guidance on packaging requirements.
Here are some of the more common instances where an application’s processing is delayed due to it being not correctly packaged and how to avoid them:
- Mortgage Reference Number does not appear on every emailed document – they ask that every email attachment is labelled with the Mortgage Reference Number and sent to email@example.com
- Documents are scanned in colour (reproduction often means they are not legible) and/or sent in separate pdfs - they ask that you scan all documents in black & white and send them in one pdf
- Lack of clarity on how income has been calculated and which payslips have been sent – for instance they need to know that January, April, July and October payslips have been submitted to show the applicant’s quarterly bonus
- Not substantiating the correct details of a customer’s bonus payments – depending on whether the bonus payments are paid monthly, quarterly, twice a year or annually and whether they are guaranteed or discretionary, they require different evidence so it’s important that you refer to their literature, speak to your BDM or contact LiveTALK before submitting an application.
- Not declaring the source of a deposit – they ask for a bank statement showing the build up of savings or a gift letter stating that it is a non-refundable gift
Their new Packaging Requirements check list, which provides a guide to the supporting documentation and evidence required, is available on their web site for download.