Intermediaries have more influence than they may realise
The working relationship between brokers and lenders is crucial to mortgage deals, and while much is often said about how lenders might help advisers, much less is said – it seems – about how intermediaries can help those funding property sales.
So, how can brokers help lenders’ operations run more smoothly; to try to ensure that their clients’ mortgage deals go through without a hitch? Mortgage Introducer has sought some top tips from key lenders, who all make clear the importance with which they regard mortgage advisers.
Peter Dockar (pictured left), chief commercial officer at fintech lender Gen H, suggests that the broker community should not underestimate their importance. “Brokers may be surprised to see how much influence they can have with a lender who is willing to listen,” Dockar said. “As an intermediary only lender we consider our broker partners to be as important as our customers when we design our products, policies and processes,” Dockar said. “Brokers are our mortgage experts so if they find it difficult to use us, then our customers will find it impossible. No customer-obsessed mortgage lender can succeed without active support and input of our broker partners. This is why it’s so important for brokers to engage with our systems, propositions and criteria and provide feedback – they are best placed to tell us if what we’re doing isn’t fit for purpose.”
The lender’s recent update to Gen H Pro, its broker platform, and its biggest ever product launch New Build Boost, were developed in close collaboration with intermediaries. “Their feedback helps us prioritise new products and develop criteria and propositions that work better for everyone,” Dockar explained. “We’re partners, and every great partnership is built on strong communication.”
Dockar acknowledges that, in a crowded market, it’s hard for broker to keep up to date with all the various launches. But he urges advisers to try to keep up to speed as far as they are able. “It’s important for brokers to engage where they can with new schemes, criteria updates, product changes and to reach out if they have any questions on how things work,” he said. “We welcome refresher sessions or calls to get up to date on new ways we can support them and their clients.”
According to Leon Diamond (pictured second from left), founder and chief executive officer of LiveMore, efficiency, precision, and customer outcomes matter more than ever in today’s mortgage market, and brokers have a key role to play in helping lenders deliver this. “Technology alone isn’t the solution,” he said. “It’s the brokers using that technology intelligently, and working in alignment with our values, that make all the difference. Brokers who embrace our digital tools, while also staying proactive in their communication, help close the gap between technology and human service. They’re quicker to respond to queries, they update us clearly, and they help manage client expectations with precision. Especially during busier periods, this level of engagement is critical to maintaining service levels.”
He summed up: “At the heart of our success with brokers is mutual professionalism and a shared commitment to the end client.”
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The importance of a lender’s business development manager
Darren Deacon (pictured second from right), head of intermediary sales at Family Building Society, believes that brokers need to maintain a good relationship with lenders’ business development managers and speaking to them directly. “They are vital in communicating directly with an underwriter so short circuiting any potential queries that may come up to get the case over the line,” Deacon said. “They have many years of experience and there aren’t many scenarios that they haven’t already seen and, more often than not, helped successfully place. The other thing I would say is that understanding the client’s particular situation and income stream, where income is varied or may be asset rich but cash poor, is really important. Helping intermediaries think ’outside the box’ and to provide flexibility when deciding affordability is where BDMs can play a vital part.”
Darrell Walker (pictured right), group sales director at Chetwood Bank, who has recently helped launch its ModaMortgages proposition, agrees that brokers communicating effectively through business development managers is key. “BDMs are really valuable, and there are some exceptional BDMs out there, who pride themselves on almost being an added member of staff that can really help a broker shape a deal,” Walker said. “I speak to my team and say to them, ‘Look, honesty, speed and communication are three big things that we pride ourselves on’. If we can't do a deal, we need to tell a broker quickly and efficiently that we can't. That relationship with a lender's BDM and a lender sales team is really critical.”
He added: “It is really key, really important, that a broker gets to know the different lenders, what they can do, how they operate, what support they've got - that is vital for me. There's a lot of lender events out there, they're all around the country, and normally you can find one that's relatively local to yourself. Look at the agenda and see if it's right for you. I think for me, if I was a broker, I would be attending one of the events on a regular basis just to help my knowledge and understanding and get to know people.”
