Should brokers "toughen up a bit"?

It certainly ain't easy being a broker and yes it's very hard work at the moment. All I'd add would be that we shouldn't lose sight of the principle that this is lenders' money and they can do what they want with it. Yes, we can grumble when they act poorly but really, it's outside of our sphere of influence and we can't do much about it. Don't let it bog you down.

"Toughen up a bit" may not be an appropriate phrase to use, but as brokers, it is crucial for us to acknowledge and adjust to the prevailing circumstances. Regardless of the level of commitment to the 24-hour pledge, there will inevitably be instances where lenders abruptly withdraw products or we encounter difficulties accessing their portals to submit applications. It is essential for us to emphasise to borrowers the current state of affairs. There exists a slight possibility that the recommended product may change due to the rapidity with which products are being withdrawn. By ensuring that our clients are aware of this, we can significantly alleviate the stress levels experienced by brokers.

Be professional as we aspire to be. Being efficient and effective in reacting to client needs, as in any industry there are problems to solve and rate pull is just one of the mortgage professionals. Client relationships should be positive and strong, onboarding should be efficient and timescales explained with a clear customer journey outlined. Lenders have a moral obligation to look after their customers, both B2C and B2B, namely us, the intermediaries, but business is business and we wouldn't expect a shop to sell a product at a loss, so why a bank or financial institute? Loyalty talks and working with great lenders and a wider pool of criteria can often represent great results for our clients.

I am a member of a few Facebook mortgage groups and there do seem to be some brokers who are never happy. It's a tough job and it is very frustrating when lenders pull rates at short notice but at the end of the day you can only do what you can do. If a lender decides they don't want to give notice and your client hasn't provided their documents that is their fault for not providing them.

Lenders pulling rates with little or no notice isn't good for brokers, clients or indeed lenders' own staff. You could have an adviser who is a working parent, receiving a rate pull email just before they need to pick up their kids from school, a BDM whose phone is suddenly ringing off the hook, and clients trying to undertake a hugely important transaction who then face a sudden hike in their mortgage payments. The mortgage industry has made great strides recently in Diversity, Equity & Inclusion. Comments such as people simply need to "toughen up a bit" reminds us, however, that there is still work to be done.

Okay, so recent events around sudden mortgage withdrawals have created a challenging environment for brokers. And that's an understatement. But the suggestion we should all toughen up a bit doesn't seem like the right or even a fair approach. We're already pretty tough, it comes with the territory. Dealing with problems is how it's always been in the industry, for one reason or another. As intermediaries, brokers are basically a bridge between lenders and clients, so we have no direct control over the actions of lenders. Having said that, we are where we are in 2023. And acceptance is the key. We've got to acknowledge this reality and adapt to the needs and actions of both parties. Although the current churning turmoil is dumping difficulties on everyone, it does have a gift in that it offers an opportunity for us to focus, even more than ever, on prioritising the well-being of our clients to the best of our abilities.

I think mortgage advisers are some of the most robust individuals working in the UK. Yes, they like to grumble occasionally but with lenders' behaviour of late, is this really surprising? In 2023, to see lenders repricing twice in a week does beggar belief. Something needs to be done to improve this process or the general public will think the industry is all-round pathetic.

"Toughen up a bit" is not a helpful comment in a debate like this. It shouldn't be right that lenders pull deals with little notice, outside of working hours, and brokers are just supposed to drop everything to get applications done, or accept that clients are going to miss out on deals. Having to choose between missing your child's school play, or your parent's anniversary party, to submit cases because lender X decided at 4pm to pull all deals and give you until 8pm the same day to submit cases shouldn't be acceptable and we as brokers shouldn't be forced to accept it.