“I find some of the lenders’ attitudes towards the mid-sector puzzling” – Marketwatch


At the Twenty7Tec event last week, MAB chief executive Ben Thompson said the relationship between mortgage brokers and lenders now needs to be strengthened.

Thompson added that it is important that the entire industry “takes notice”.

So, Mortgage solutions asked this week’s Marketwatch panel, how brokers and lenders will build strong, lasting relationships.

Jeremy Duncombe, Director of Intermediate Distribution at Accord Mortgages

The relationship between brokers and lenders is as strong as it has been for some time, with both parties realizing the importance of each other and working together in many areas including technology.

At a strategic level, this is vital as lenders consider their integration plans and strive to understand the needs of brokers, technology companies and distribution partners.

Strengthening these relationships to get the right outcome for brokers, lenders and clients is one of the most important goals for 2019.

At the transactional level, there is also a lot to be done to improve relationships, with a lot of help for brokers from their lending partners.

This can be of huge benefit to the client with good brokers knowing what lenders will do outside of published criteria not just what the sourcing system tells you as all lenders have differences in policy, service, rate and risk appetite.

Brokers should also foster good working relationships with those responsible for lender business development, as they can add great value. They are experts in their lender’s policies and procedures and will help you if you have any difficulty with an ongoing file.

They can also provide invaluable support before submitting a request for a delicate or complicated case. At Accord, we also help brokers by giving them direct contact with the underwriter who manages their files.

And remember that there is plenty of free help and information out there, from mortgage clubs and networks, the trade press or lenders, such as our own Growth Series Hub, for example.

Shaun Church, Director at Private Finance

The greater the relationship between the mortgage and the broker, the better. This applies not only to industry but also to consumers.

While this relationship is essential when introducing and recommending new clients, we believe that the broker-lender relationship should not end as soon as a new client is onboarded.

Instead, we would say that when clients come to the end of their tenure, rather than being automatically directed to similar products in the lender’s product offering, clients should also be encouraged to seek advice from a professional. broker in all cases.

It’s as important to get mortgage advice when renewing or changing a mortgage as it is when taking out a new loan. The likelihood that the financial condition or needs of borrowers have remained unchanged during the term of their mortgage is highly unlikely.

To act in the best interests of clients, we believe lenders should encourage them to have a conversation with an independent broker about the options they recommend as a lender and some of the alternative options available in the market, in order to make sure that the borrower chooses for the right product for them and their future financial needs.

We cannot afford to ignore that technology will increasingly play a role in the brokerage process. With massive access to data and frameworks like Open Banking, lenders are naturally in a better position to develop technology for the market.

However, brokers have a crucial role to play in fueling the development of this technology and using it to better serve the consumer.

Dominique lipnicki

Dominik Lipnicki, Director of Your Mortgage Decisions

Obviously, it is in everyone’s best interest that lenders have a strong relationship with the mortgage intermediary industry. However, this has rarely been the case in the past, especially when the mortgage market is buoyant.

Too often, lenders seem to believe they can meet their lending goals no matter how they treat mortgage intermediaries, with rates pulled at the last minute, service standards dropping without warning, criteria changes. loan without notice, all of which goes a long way to alienate the counseling industry.

I have never been approached for my comments by a lender when they are looking to redesign their processes or systems. I don’t think I’m the exception, with lenders often doing too little to make sure they’re ready for middlemen and clients.

I find the attitude of some lenders towards the midstream sector confusing.

Good counselors give them fully plausible cases, manage the application process, manage client expectations and deal with issues as they arise, ensure that adequate protection is in place, all through the payment of proxy fees.

Yet we are still seeing some lenders offering direct deals to clients, undermining the brokerage community.

We’re here for our clients through thick and thin, whether it’s in the downturn of 2008/2009 or when the market is on the rise, all we need is for lenders to recognize the huge contribution we make. to their loan goals.

From talking to industry colleagues, I know we are ready and committed to having the best relationship with lenders.

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