What Is A Mortgage Administrator?
Most people know or are at least somewhat aware of what a mortgage advisor is and does, it’s pretty self-explanatory and when people start looking for a new mortgage, getting the right mortgage advisor is at the top of their priority list. However, a lot of people are unaware that behind every quality mortgage advisor is an incredible administration team, pushing hard to get your application through.
Some mortgage brokerages have one administrator, others have a whole team. But every firm’s administration department does a similar job, to support the advisors and manage the entire application process from start to finish.
What Does A Mortgage Administrator Do?
A mortgage administrator’s job is varied and holds a lot of responsibility. Without a mortgage administrator, a mortgage application could be delayed with a number of complications. An administrator’s main job in a mortgage brokerage is to carry out the majority of mortgage related applications. Most mortgage administrators are not qualified to provide mortgage or protection advice, like an advisor would be, so they do not advise clients in any way. The mortgage advisor will provide all advice and recommendations, run decision in principles, create mortgage illustrations and make any other recommendations or changes to applications that come later down the line.
A mortgage administrator will take over the handling of the mortgage after the advice has been given and the borrower is happy to proceed with a full application. Administrators, with the input of advisors, will check through all documents submitted by borrowers thoroughly to make sure that everything is correct and everything that a lender will need has been collected. They will then go through the process of submitting the client’s full mortgage application. This is based on the illustration created by the advisor and approved by the borrower.
The administrator will complete the lender’s online application form, detailing all of the specifics of the borrower’s income and outgoings and all of the specific details of their new mortgage that the advisor has recommended. Then once the full application has been completed, the administrator will submit the application and upload digital copies of all of the mortgage borrower’s documents to the lender’s online portal for them to review.
Why Are Mortgage Administrators So Important?
A mortgage administrator’s job is very important and should never be overlooked. An administrator acts as an intermediary between the borrower, the mortgage lender, the estate agent (if you are buying a property through one), the advisor, and the solicitors involved with the purchase. Without an administrator or admin team, there is a very real risk of a communication breakdown between all parties and a countless number of delays.
The admin team will follow and monitor the entire application as it goes through the processes of being assessed by lender. They will call the lender regularly to make sure that everything is being looked at on time, to make sure that there aren’t any issues, and most importantly to make sure that everyone involved in the process is as up to date with where everything is as possible. Often lenders can be incredibly busy, and the call wait times can total more than one hour, just to get an update on the progress of an application. The dedicated mortgage administrator team will take that stress away from the borrower and contact the lender themselves to get that vital update for everyone.
Once the administrator has ensured that the mortgage has been completely offered, both the admin and the advisor will check through the offer for any issues and if there are, they will contact the lender to correct them. From then on, the next job of the administrator is to work with the borrower and the borrower’s solicitors to ensure that mortgage completion and exchange of contracts take place on time. This involves the administrator talking directly with the solicitor for more regular updates on the legal side of things and to provide them with any information they need about the mortgage and deposit. because of the regular contact that the admin has with the solicitors, this again takes the stress away from the borrower so that they can focus on getting excited about their new mortgage.
Meet The Administration Team At Oportfolio
She-rel provides support to her financial advisors and their clients by maintaining client files. She is in charge of Training new starters and ensuring that all current staff are continuously developing their knowledge. Her day-to-day role consists of ensuring processes are followed, compliance checking, submitting applications and packing cases to ensure that all supporting documents are received on time, so that we are offering our best service.
Natasha is a Paraplanner at Oportfolio and has over 15 years’ experience in the financial services sector. She is in charge of applications, submissions and packaging client files and ensures that each lender receives all they need on time which means our clients’ cases are dealt with smoothly and efficiently. Natasha is also on hand to answer any concerns or queries that any of our clients may have regarding their remortgage or during the complex task of buying a house, from mortgage application all the way through to dealing with their estate agent and conveyancing solicitors.
Molly has worked in the mortgage industry for several years and has a wealth of knowledge around the mortgage and protection processes. At Oportfolio she works within the administration team to assist clients throughout their mortgage journey. Molly is here to help with any queries that clients may have pre submission, post submission and post offer. Molly understands that getting a mortgage can be stressful and that is why she is more than happy to help her clients with anything they need to take the stress away.
Kristen is from Canada originally and moved to London to explore what England has to offer. She has worked in the financial services industry for over 3 years taking on a variety of responsibilities. Kristen’s role at Oportfolio is to provide support to the advisors and their clients by ensuring that the application process is as smooth and efficient as possible. Although she is new to the UK mortgage process, she is keen to learn as much as possible from the knowledgeable advisors and support staff.
Call Us Today
If you have an application going through with us, our administration team are always available to talk so please feel free to give us a call. And if you don’t currently have an application with us, our friendly team are available to talk to you on the phone anytime to tell you more about how we can support you through your application. Give us a call today.