Lenders conduct retrospective reviews to ensure the quality of their loan book, and as a mortgage adviser, it’s crucial to be aware of these reviews. These reviews may involve requesting documentation that is not typically provided during the loan application process, and they may identify concerns such as staged income or other discrepancies.

Inaccurate income keyed by advisers is a common finding in lender reviews. It’s important to ensure that the income provided by the borrower is accurately recorded in the loan application. Advisers should also be aware of any changes in the borrower’s income during the application process and update the application accordingly.

Discrepancies when keying existing customer credit commitments is another common finding. You must ensure that all of the borrower’s credit commitments are accurately recorded in the application, including any credit cards, loans, or other debts. This information is crucial to lenders when assessing the borrower’s ability to repay the loan.

Inconsistencies on recording financial dependents can also be a concern. Mortgage advisers must accurately record the number of dependents the borrower has, as this information is important in assessing the borrower’s financial situation. If the number of dependents changes during the application process, advisers should update the application to reflect the change.

It’s essential that you do not ignore requests from lenders to review documentation or provide additional information. Ignoring these requests can result in delays or even a declined application. Advisers should also ensure that their network is aware of these lender reviews and the common findings, so they can help avoid potential issues.