72% of brokers feel lenders are not listening
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Some 72% of intermediaries claim that lenders do not have a good understanding of their needs and issues.
Charterhouse Research shows intermediaries believe their voice is going unheard and their needs unmet by lenders.
Julie Irwin, director at Charterhouse Research, says “In simplistic terms, intermediaries are feeling very much unloved. For many, their perception is that they are fighting a losing battle and are being squeezed out.”
The research shows only 1% claim that lenders had an excellent understanding of brokers.
And the area where intermediaries feel they require lenders to demonstrate a greater understanding of their needs, and those of their clients, is underwriting.
Brokers would also like lenders to demonstrate a better understanding around access to key decision makers, flexibility of products, underwriting and dual-pricing.
Irwin, says: “This research clearly shows that intermediaries believe that their needs and issues are going unnoticed by mortgage lenders. From our experience, those lenders that do listen demonstrate above average performance. It is therefore in everyone’s interests – lenders, intermediaries and their clients – if lenders begin to understand the needs and issues of intermediaries far better.”
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Readers' comments (2)
John Lacy | 16 Nov 2010 11:57 am
Of course lenders want to squeeze out brokers---they hate having someone pointing out their gross greed and stupidity and cutting their margins.
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Grey Haired Underwriter | 16 Nov 2010 3:24 pm
Of course brokers want more access to underwriters and want to influence lending decisions. I know - I have been at the other end of the phone too many times whilst the broker tries to tell me that the sow's ear is really a silk purse and refuses to accept otherwise. The reason that underwriters were separated from the sales process was to avoid undue influence from an interested party. Ohh and I worked in a brokerage for 10 months and have some understanding of the imperative of getting the case through.
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