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Networks to slash sub-prime lending panels, predicts Openwork

Openwork has predicted that within two years networks will only include two to three sub-prime lenders as a means of enhancing customer care within the network.

Paul Shearman, mortgage proposition director from Openwork, says: “We believe that, within 18 months to two years, networks will only offer two or three sub-prime lenders.

“It is a difficult challenge, but we have found that the more sub-prime business a broker does, the more knowledge they gain. It also means they become more comfortable going direct to the lender with the client’s case.

“Technology has a big part to play in this, allowing more communication with lenders and packagers. More communication means greater understanding of the ever increasing nuances in sub-prime products.”

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