How can lenders better support brokers?
How do you believe lenders could better support brokers?
What more would you like to see from lenders?
Copy article
5 responses from the Newspage communityCopy all
Copy all
Star Quote
Copy
SEVEN MUST DO's in 2024
1. Extended Product Update Periods: Allow more time between product changes for brokers to advise clients effectively.
2. Broker Feedback Mechanisms: Implement systems for brokers to share borrower preferences and market insights.
3. Streamlined Documentation: Simplify and digitise documentation processes to save time and reduce administrative work.
4. Flexible Underwriting Criteria: Offer flexibility in underwriting to accommodate diverse borrower profiles.
5. Enhanced Training: Provide comprehensive training resources to empower brokers in complex scenarios.
6. Proactive Market Insights: Provide brokers with timely market analysis and forecasting for informed decisions.
7. Innovative Technology Solutions: Invest in advanced technology to streamline processes and improve the broker experience.
1. Extended Product Update Periods: Allow more time between product changes for brokers to advise clients effectively.
2. Broker Feedback Mechanisms: Implement systems for brokers to share borrower preferences and market insights.
3. Streamlined Documentation: Simplify and digitise documentation processes to save time and reduce administrative work.
4. Flexible Underwriting Criteria: Offer flexibility in underwriting to accommodate diverse borrower profiles.
5. Enhanced Training: Provide comprehensive training resources to empower brokers in complex scenarios.
6. Proactive Market Insights: Provide brokers with timely market analysis and forecasting for informed decisions.
7. Innovative Technology Solutions: Invest in advanced technology to streamline processes and improve the broker experience.
Copy
Lenders need to understand us first and foremost. We bring them circa 90% of their business yet they try and cut us out and make business difficult at times. They need to understand and appreciate the value we bring so we can work cohesively rather than against each other. We save them a lot of time and work on packaging and admin that they don't get with direct business. The problem comes with retention- they see us as 'dangerous' as we look to move borrowers to the best rate which may be away from them. We will happily keep the customer with them but only if it is right to do so.
Copy
Underwriters that don't ask silly questions and can read payslips would be a good start. Jokes aside, that's the crux of a lenders role. To have clear policy, use common sense and process an appliction in an efficient and speedy manner. Brokers can handle the rest.
Plus not dual pricing because biting the hand that feeds is a real douchebag move.
Plus not dual pricing because biting the hand that feeds is a real douchebag move.
Copy
The key thing that I am finding missing with many lenders is face-to-face or telephone support from a named contact. Building a relationship with a single point-of-contact within a lender always pays dividends for both broker and lender, far more than a LiveChat or call centre whre you speak to a different person everytime ever can. However, it seems that in the pursuit of cost savings more and more lenders are getting rid of, or vastly reducing, their relationship teams. Over the long term this is going to be detrimental and they'll likely find the only way they can then support the business volumes they require is to lower their margin on rate, which then wipes out the "savings" they made by reducing the size of their BDM teams.
Copy
All my favourite lenders have 2 things in common:
They have a platform that is easy to log into and navigate
They have a named BDM that I can call/email
The platform is important because, while it doesn't influence which lender I advise the borrow chooses, if there is a straight head-to-head I will always go with the lender that has invested money into their back-end system and doesn't make me remember two ID numbers, charachters 2 4 and 9 of a passphrase and a 6 digit number sequence.
A named BDM is vital for getting quick answers to non-standard criteria questions. All of the lenders I feel most warmly towards have excellent BDMs that have taken the time to build a relationship with us Advisers.
They have a platform that is easy to log into and navigate
They have a named BDM that I can call/email
The platform is important because, while it doesn't influence which lender I advise the borrow chooses, if there is a straight head-to-head I will always go with the lender that has invested money into their back-end system and doesn't make me remember two ID numbers, charachters 2 4 and 9 of a passphrase and a 6 digit number sequence.
A named BDM is vital for getting quick answers to non-standard criteria questions. All of the lenders I feel most warmly towards have excellent BDMs that have taken the time to build a relationship with us Advisers.