Agreements between packagers & lenders

[mungos mum]

Hi

 

I am new to posting on forums but having read through various posts for the last week or so & not being able to find information on this particular matter I decided to 'take the bull by the horns' & ask for some advice.

 

Here goes;

 

Is there anyone out there that has knowledge about agreements between mortgage packagers & the lenders?

 

Does a mortgage packager have to have an agreement with a lender to package mortgages for that particular lender?

Does this have to be a formal written agreement or can it be a casual verbal agreement?

Who, if anybody, would oversee the agreement, ie; make sure agreement is being adhered to?

Are there implications for not having agreements or not adhering to them?

Would we, as clients of both the broker & the lender, be allowed to see these agreements?

 

I realise that answers to this type of question will not be high on most peoples agenda but I have searched & searched for some answers only to keep drawing a blank.

I cannot ask my broker/packager or my lender as I fear I will not get an honest answer & a wrong answer could be worse than no answer.

 

Thank you in advance

Mungos mum x

[42man]

Welcome MM

 

I think you mean that the lender bungs the broker a backhander for the business they have thrown the lenders way (this is separate to the fee you paid)....this is disclosed by getting the underwriting sheet from the lender. This is paid for by you !!! and is usually between 2% and 5% of the loan !!

 

Using CPR31.16 is the best way of getting this....

 

If you need any more help/advice please shout....

[mungos mum]

Hi 42 Man

 

Thank you for getting back to me and sorry for my delay in replying.

 

Our understanding is that our broker was also a packager for the lender. We have been told that the packager only had a verbal agreement from the lender to package mortgages for them and that they did around about 600 cases with this lender.

Having done quite a bit of research on the web etc we believe that unless there was a proper written agreement between packager and lender, then the packager was not allowed to instruct valuers nor were they allowed to conduct credit searches, but they did instruct valuers and they did credit searches all without this agreement.

We are in despute with the lender at the moment about the valuations and could really do with some clarity on this point.

 

Many thanks

 

Mungos Mum

[twinkle1234]

[this is the first time ive come across anything similar to mine. About 8 yrs ago my bank rang me about taking home insurance out with them. It sounded great and i agread. I took iill after this so none of this even entered my head. Only going through old mail and sorting it out ive come across 2 Policys i wasnt aware of for Key Insurance and Life insurance. Id never signed or agreed to. One was for 11.55. The other 6.95 a month. For ten years on a rolling contract. With Millenium Insurance Brokers? As it turns out my vank speaks to there clients over taking out Insurance with them. They then pass details over to Millenium Insurance Brokers, Who pay the bank a percentage for each Clients details that.they give them , So the Brokers charge you so much percentage a year, Which I never even knew of. The House Insurance iis seperate to the two policys Surely they can't have any right to take out the other 2 Policys. Especialy for ten years. That's why i had no letters from them they are Rolling Contracts Who would i be the best contacting to claim them back please. Thank you QUOTE=mungos mum;2192159]Hi 42 Man

 

Thank you for getting back to me and sorry for my delay in replying.

 

Our understanding is that our broker was also a packager for the lender. We have been told that the packager only had a verbal agreement from the lender to package mortgages for them and that they did around about 600 cases with this lender.

Having done quite a bit of research on the web etc we believe that unless there was a proper written agreement between packager and lender, then the packager was not allowed to instruct valuers nor were they allowed to conduct credit searches, but they did instruct valuers and they did credit searches all without this agreement.

We are in despute with the lender at the moment about the valuations and could really do with some clarity on this point.

 

Many thanks

 

Mungos Mum