Are BDMs a dying breed, extinct or just spread too thinly? These are questions posed to me on a regular basis by brokers at the coal face. Many of my sources say they haven’t seen their BDMs for months, if at all. Nobody needs me to tell them how many hats a small broker has to wear to run their business and now their help appears to have vanished.There’s little doubt in my mind that it’s lean, mean corporate policy that dictates this type of thinking and the demise of a role that is considered disposable. OK, the number crunchers can point to their bottom lines and show that by cutting back on BDMs they have slashed overheads and increased profits. If everything was black and white you’d be hard pressed to defend the need for BDMs by the laws of accountancy. But of course everything is not black and white and there’s a story behind every headline – or bottom line. One example is Royal Mail. This dinosaur of a company has turned massive losses into a profit. The bottom line looks great, the directors pay themselves huge profit-related bonuses but the service is less than second class, as consumers well know given the increasing number of complaints to the regulator. Might I suggest that Royal Mail CEO Adam Crozier had a simple remit and an easy task to make the company more profitable? No mention of service standards here and nothing us long- suffering consumers can do about this monopoly. The moral of the story is that in many cases it is easy to achieve a short-term fix, but what of the bigger picture and the future of a company? In my experience, BDMs were not just sales people that came round two or three times a year for a cuppa and a gossip. Here was an opportunity to air all the little niggles you might have experienced talking to somebody who in most cases had the clout to implement the action required to make your life better. This was a win-win situation as it was also an opportunity for your BDM to pass on tips he had gathered from his experience to help you while plugging his latest products to increase his sales. I see a future without BDMs as a bleak and dreary one for brokers, but equally so for mortgage providers trying to get their products out into the marketplace. Some things are best not resurrected but BDMs do not fall into that category. Let’s bring back the human touch.
Clear Mortgage Administration, the specialist mortgage packager, has joined Freedom Lendings panel of mortgage distributors.Clear Mortgage Administration will market the entire Freedom Lending product range, which includes self-cert, buy-to-let, let-to-buy and its On-Track sub-prime range, to mortgage brokers throughout the UK.Colin Snowdon, managing director of Freedom Lending, says: “Were delighted to be adding Clear Mortgage […]
Research undertaken by Mortgages PLC has revealed an increase in the level of non-compliant mortgage advertising taking place this year.A detailed review of advertising in popular consumer mortgage magazines was carried out in both April and September 2005. In April, 24% of all mortgage advertising was found to be non-compliant, with the most common issues […]
Branded lender and packager Vesta Packaging has appointed Kensington Mortgages to its lending panel, taking its total number of lenders to 24. Mark Leaper, managing director of Vesta, sees the appointment as a valuable addition to an already extensive panel. He says: “This will enhance our ability to provide solutionsto our introducers’ enquiries, as Kensington […]
The Enterprise group says it has seen a 600% increase in group-wide business volumes this year compared with the same period three years ago. Enterprise says it is on track to originate over 720m in sub-prime first charges compared with 120m in 2002. Michael Clapper, CEO of Enterprise, says: “Under regulation, and as a result […]
In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]
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