But as recent Mortgage Strategy articles have highlighted, this is a two-way issue. It seems to me that to a great extent, many of the problems are down to miscommunication and lack of understanding on both sides.
I increasingly think a mortgage club can aid the communication process. A good club should send out regular communications to members, telling them what’s happening that week, so they can plan accordingly.
Often a timely communication from a club can help brokers select lenders. For example, they can avoid one that is about to pull a product range, or will be warned of an impending change in criteria.
Such bulletins could save them time and hassle further down the line as they can choose a lender not just for the product, but also for the service.
Many lenders do understand that they have to work with brokers and can help by being consistent. Brokers can help by getting cases in as soon as they have been agreed, which means sharpening up their own administration and perhaps educating clients on why documentation is needed quickly.
There are increasingly going to be changes as the economic environment alters. If a smooth lending market is a thing of the past, we all need to use the tools we have to cope with the market that we are in now.