As mortgage IFAs, many of our new clients come to us after they’ve tried to obtain mortgages with high street lenders. As a result, I’m always being asked to look at interesting cases. This makes my life challenging but also satisfying when I can do something for a client who believed they were unplaceable.The reason IFAs can sometimes achieve the previously unachievable is because they have strong contacts with lenders and a knowledge of underwriting. My client is my product. My job is to sell that product to a lender. I do this first and foremost by getting to know everything I can about the client, but we all know that clients don’t always reveal everything to us, and second, by having an awareness of how underwriting works and what lenders are looking for. I build the case to put to a lender, giving them reasons to lend to my client. This, I have found, is a far better route to success than simply submitting an application that tells half the story and hoping it will somehow miraculously get through. But the most important element in this process is the relationship our company has with lenders. We have a good reputation with the lenders we use because they know we will have done a proper job in packaging the case and presenting it to them. We usually know what they are looking for and it’s important to us to maintain strong professional relationships with them. As I was saying last week, lenders rely on the business that intermediaries give them. Why, then, is it that we seem to be contacted by fewer and fewer business development managers? I see the BDM as a crucial cog in the business wheel. Having a BDM with whom you can discuss cases and speak with when problems arise makes everyone’s job easier and must increase business levels for lenders. Online criteria, DIPs and AIPs are all great but call me old fashioned, I don’t believe they can possibly replace talking with a real person. Of course, we’ve all met some less-than-excellent BDMs, such as those who don’t know their stuff and regard an adviser’s office as a place to stop by for coffee. And I can’t see the point in them simply dropping in with a two month old rate guide, apart from getting their own call rates up to the required level. But on the whole, BDMs can be really useful people. So lenders, please don’t do away with them. Don’t spread those you have so thinly across the country that they can only visit the big brokers. Us little guys need them too. If we have a good BDM contacting us with clear objectives on a regular basis we will, provided your rates are competitive, send you more, better packaged business. The maxim ‘people buy people’ applies just as much between a lender and an intermediary as between a broker and their client. Maybe I’m shooting myself in the foot. I await a deluge of calls.
- Top trends
Results from BM Solutions’ latest ‘One Specialist’ survey give encouraging findings for the industry, as brokers forecast growing business levels. After much speculation over a slowing housing market and low levels of consumer confidence, the latest research commissioned by BM Solutions shows brokers believe business is on the up.Over 200 brokers were asked what they […]
Chartered surveyors are predicting a rise in house prices for the first time in 18 months.The Royal Institution of Chartered Surveyors latest housing market survey, reveals that the number of chartered surveyors reporting price falls for September dropped again, to 21%, down from 25% in August.Though the increase in buyer interest is modest, it points […]
Investing in residential property through a SIPP will be too costly for most consumers, says Landlord Mortgages. Lee Grandin, managing director of Landlord Mortgages, says that SIPPs wont have a monumental effect on the residential property market that some people are predicting. He says: “You would need a pension fund of at least 80,000 and […]
Wesleyan Financial Services has selected Mortgage Brain and the Mortgage Trading Exchange as its exclusive mortgage sourcing, point-of-sale and electronic trading solutions provider. The partnership sees Wesleyan exclusively using Mortgage Brain and the MTE to support its 233 financial consultants. Sam Porter, head of sales operations at Wesleyan, says: “We are pleased to have selected […]
We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]
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