Accord Mortgages has released results from its broker survey showing that 85% of brokers want to receive client arrears statements from lenders.
In September it was revealed in Mortgage Strategy that the lender was investing research into a service that will help brokers retain clients by providing them with copies of mortgage statements when clients fall into arrears.
Following the results of its survey Linda Will, managing director of Accord, says she is looking into how much the roll out of this service will cost and the process involved.
Feedback from brokers has been positive and brokers say this service could help clients who often forget that they have an accident, sickness and unemployment policy and clients who fall into the hands of debt collector firms.
Brokers also say that if they got such statements it would help them better understand affordability measures.
Will says: “We would give this information to brokers anyway if they asked for it but this service would add value to brokers.
“Giving brokers arrears statements would help us develop a deeper relationship with brokers.”
Elizabeth Smith, mortgage broker at Money Plus, says: “It would be helpful to get a statement of arrears and it would educate the broker. Brokers get their proc fee and don’t think about the client afterwards. It would make brokers think twice about affordability.”