Business Submission Process Guidance

Question 1

What do we mean when we talk about Submission Standards?

Answer 1

It means we set a minimum standard for the documentation required, to confirm the clients requirements in order to ensure a high level of service

Question 2

Where are you likely to find the lender’s submission requirements?

Answer 2

A lenders specific submission requirements can usually be found on the lenders website for intermediaries

Question 3

If you need to submit an application without all the standard documents required, what should you do prior to submission?

Answer 3

Contact a member of the compliance team to obtain an exception in writing

Question 4

Which of the documents below will you not be granted an exception for before submitting an application?

Answer 4

AML

Question 5

What should you do if you have requested an exception but not had a response yet?

Answer 5

Await the response in all cases

Question 6

What type of transaction do you NOT need to obtain an ID for?

Answer 6

Existing client product transfer

Question 7

Will bank statements that are dated within 6 months of the application be acceptable?

Answer 7

No

Question 8

Which of the following do you not require an exception for in relation to payslips before submitting an application (providing the lender would accept the app with those documents)?

Answer 8

3 out of the 4 latest month’s payslips

Question 9

You’re submitting a remortgage to a new lender and we have an expired Passport on file. Which is correct in respect to ID evidence?

Answer 9

A certified copy of the current passport must be obtained

Question 10

Who must you contact to request a case submission exception?

Answer 10

The Compliance Support Team

Question 11

The client’s latest bank statements need to be dated within how many weeks of the application submission?

Answer 11

6 weeks

Question 12

The proof of residence you receive from your client shows a middle name that is NOT on the passport, what do you do?

Answer 12

Ask the client why the POR includes this middle name and seek guidance from the lender as to how they would like the name submitted and what POID and POR they need

Question 13

Your client forgets to bring in with them valid POR but wants you to submit their application straight away as they are in a rush for the valuation to be instructed, what do you do?

Answer 13

Advise the client you are unable to submit their application until you receive an original copy of POR for them