As of 1st March all brokers using the abbey fast track scheme (which many use as self certification is no longer available), will be required to keep proof of all income for at least two years.
If a broker fails to to keep the evidence then they will be banned from using the service for three months. The broker must then reapply for fast track by signing a document to agree to all the terms and conditions. If there is a 2nd breach the individual broker will no longer be able to access the fast track system. Currently Abbey carries out random monthly checks on brokers who have submitted fast-track applications.
The Abbey also confirmed that from its past past experience brokers had not always kept proof of an applicants income.
Bobby Kennedy, director of Gravitas Law said, “For too long know brokers have manipulted lenders automated scoring systems and used fast track as an alternative to self certification. Applicants were granted loans that they couldn’t afford and history has shown that the level of arrears is higher on fast track cases.”
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Tags: abbey, mis-sold mortgages, mortgage audit
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