Working to boost our broker relationships
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It’s fair to say that 2012 will provide a heady mix of opportunities and challenges. In the last few years broker numbers have been falling dramatically, but recent figures from the Financial Services Authority show this slump slowed in the final months of 2011.
David Finlay, Managing Director for mortgages, Barclays
Data suggests there are 2,425 appointed representatives left in the market from a peak of 5,123 in December 2007.
There are also 1,512 directly authorised firms whose primary category of business is mortgages, down from a peak of 3,533 in January 2006.
This may seem depressing but market conditions have also weeded out some of the more unscrupulous elements. In essence, the remaining firms have evolved and diversified to become more holistic advisers.
Lenders too have had to give additional resources to boosting broker relationships.
Communication plays a huge part in this and listening to broker feedback is important.
Clarity and consistency underlie strong service relations and a noticeable broker bugbear in recent times has been the frustration created by lenders’ decision-making processes and lack of contact with the underwriters making judgements.
This is why we decided to allow advisers access to a dedicated underwriter for every residential mortgage application and we have been delighted by the response.
We must all keep striving to be as clear and consistent as possible in the service we give to brokers.
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