A number of specialist lenders now use a credit score or other types of behavioural scoring to determine the rate that will be offered to the client.
How does cascading damage your credibility to your clients?
You could recommend one product to your client based on the lender’s published criteria, and be offered another, more expensive rate. Although an expensive rate is arguably better than a straight decline if you can’t explain why, it could potentially damage your credibility with your client.
Even after you’re offered a rate or product that you didn’t choose, do you make the choice for your client and go back to re-broke the case, or do you settle with the option that has been presented to you?
By the time an application reaches a specialist lender, it has possibly already been attempted with at least one other mainstream lender. If the client is making a purchase or has a deadline to remortgage, you could be working within a time-pressured environment. Any offer can seem like a good result, albeit a more expensive offer that you can’t really explain.
Why risk cascading when you can have certainty instead?
At Pepper Money, we don’t rely on an automated credit score to make lending decisions so we don’t need to cascade.
As long as we get accurate information with your application, your client gets exactly the rate and product they were expecting.