Mortgage packagers put together a complete case for a mortgage before it is submitted to the lender reducing the risk of rejection from the lender. The services of a mortgage packager are used by a mortgage broker and cannot be accessed directly by members of the public. A packager is also able to get exclusive mortgage deals directly with lenders that are not available to the individual and smaller brokers.
Normally when a buyer applies for a mortgage, the buyer spends time completing mortgage application forms with a mortgage broker. The mortgage application forms are then sent directly to a lender on the buyers behalf.
Once the lender is in receipt of the application and supporting paperwork they start to process the application they have received, this includes applying for the buyers employer reference, accountant references and a mortgage valuation.
With this process, clients run the risk of the lender rejecting the case if the lender is not happy with everything they have been presented with leaving the buyer to start the whole process again.
However, with a mortgage packager, the case is assessed and underwritten before it gets to the lender, reducing the risk of rejection. Should the application no longer be suitable for the lender in question, there is also the facility to switch the application to a different lender without the need of completing a new application form.