Settling without a broker

How does the broker coordinate the settlement? I have never been involved in something like this. The solicitor needs to book in settlement with the bank directly.

 

I should have said "watching the details of these documents and dates" , not really coordinating.

 

Right now I'm dealing with 2 fairly complex and time sensitive security substitutions. I'm constantly in contact with the clients, the bank (who is causing the issues), the bank BDM's, and the client solicitors to get the deal settled. All I've been doing the last two days is co-ordinating settlements.
I can't imagine leaving a client to sort that themselves - have you ever tried ringing a branch?

I don't think anyone is suggesting that brokers handle conveyancing.

 

That is par for the course for brokers. You wouldn't get the clients to ring the branch if you are their broker.

Trying to speed up getting the documents out and the lender to quickly certify returned documents for settlement. After that it is up to the lawyers to book in and attend settlement.

 

No of course - but the question here is about settling without a broker.

 

Yes it would be hard for the client dealing with the branch direct if the settlement was urgent (or even non-urgent) and this can happen because documents go missing or mortgages are not signed correctly etc.

 

How so?

 

The broker doesn't do the settlement but sometimes they can help push it along. Of course this may not be necessary and you can do it yourself and/or your conveyancer/solicitor/banker can also do the same. It isn't hard.

As your financial situation gets more complex, a broker is better placed to help you structure the loans and avoid stuff ups. Again, you can do this yourself and many people here do.

 

Settling without a broker is fine, nearly 50% of all loans submitted are done this way. Your asking a forum full of brokers, so there may be some bias in the comments that flow through suggesting that brokers are better at handling settlements than bankers. Truth be told, there'd be plenty of bankers who do this part of the process better. They will likely know the individual banks they work with better than the broker, likely have faster timeframes, etc.

Most of the time, the brokers main value add is in the advice process and obtaining a loan approval (credit process). Having a larger panel helps here, as it theoretically helps allocate your loans in a more efficient and suitable way than walking directly to branch.

Once that part of the process is done, co-ordinating settlements and handling the paperwork is often done by other agents (solicitors, bank, etc). Brokers assist in co-ordinating and ensuring its all moving through seamlessly. But so do bankers. For really complex cases, having a skilled professional handling it is helpful.

It is a bit disappointing to hear about the banks conduct though. That type of channel conflict is poor and undermines the broker/bank relationship.

Also, you may want to talk to your broker about it. Broker/client relationships are about trust and its usually a two way street. They may have done some work for you, and usually value transparency of information. It also gives them a chance to deal with your concerns.

 

If the person was dealing with a specific person in the bank that person could probably co-ordinate things like a broker could. better possibly. But if it was a call centre the borrower would be lost in a sea of telephone transfers.

 

Ahk yes that's a bit different to your original post, don't think you would normally try and contact through call centre, would normally be trying to speak with whoever helped you with the finance.

 

What if you used loans.com.au!

 

Then you wouldn't be dealing direct with the branch, which is what I questioned.

 

thanks for discussion, esp those that answered the question =P I didn't think brokers were essential to this process as there are plenty of home purchased out there not done through brokers

I purposely didn't provide details as to not have anything traceable and get ppl in trouble. Its not as nefarious as some people are thinking. Basically had preapproved home loan with big 4, they rejected it as they applied new living expenses rate (it was a little tight in preapproval). Broker said we had to find a 2nd tier lender and do a full revaluation again. I did not want to be at the mercy of their variable rates. That weekend, I happened to catch up with old school mates and ended up chatting about mortgages (like you do these days), one of them turned out to be working in said big 4 bank in that particular division. They offered to look into my application. Why not right, if not for just more info on the rejection ? Later they called me to talk about it and thats when they made the suggestion

 

Just had a ripper this morning.

My Client
- refinance OFI > CBA
- sale/discharge @ OFI
- purchase w/ through CBA

Along with 5 other properties, subject to sales + finance (all other banks/conveyancers/solicitors)

All waiting on CBA today :|

File original certified 2/4 pending 1 document being c/c closure from OFI, received 4/4... wasn't touch since

Had every man and their dog calling

Took around 6-7 escalations to get told at 9:37am the day of settlement that the file would be looked at.... 9:44am ready to book

Haha the joys.

 

The CBA discharge team is a mess at the moment.

 

It's shocking ATM they're doing overtime this weekend, hopefully it get's it back to where it should be for next week.

It took a few calls to the right person to get it through.

It 100% wouldn't of happened with just the conveyancer/solicitor involved, they had pretty much given up.

 

Its common when things get tricky for ALL parties to refer back to broker. Fortunately I work with a great settlement agent and as a result it rarely gets pushed back to us.