RBS rebrand looks positive but it must support brokers
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I was interested to read on Mortgage Strategy Online last week that Royal Bank of Scotland Intermediary Partners had rebranded to NatWest Intermediary Solutions.
It is a positive sign that RBS has openly included intermediary in the rebrand name and shows support for our sector in the future.
Now it would be best placed to look at its offerings and make them less complicated, more competitive and maybe we can work together.
Surely now lenders are comparing the cost of in-house processing costs of direct mortgages, extra bums on seats in branch and processing support centres and the cost of office support hardware, such as phones, PCs, copiers and faxes.
These are fixed costs regardless of how many applications are being processed at any one time.
Lenders are rarely competitive all the time. They come in waves in the best buy tables. Surely broker fees are a more cost-effective way to go as they are paid on a case-by-case basis on the mortgage completion?
Why don’t lenders spend time on their broker, supporting general insurance and investment offerings to get around the loss of cross selling opportunities? It seems that some lenders still have not grasped the value of brokers in all market conditions.
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