We can all cite lenders that have used the turbulent past few months to introduce changes that would not be accepted in a bull market.
But rather than dwelling on the countless ex-amples of poor practice, I’d like to focus on a balance sheet lender (well, part of one) that en- capsulates the essence of partnership – The Mortgage Business.
The past few months have been hard for all of us in the industry. Lenders have had to pull products at short notice, proc fees have been cut and lending decisions have been changed retrospectively – and not in the right direction either.
During this time, few lenders have shone through with bundles of emotional intelligence but full marks go to TMB managing director Nigel Payne and his staff. The company’s products are innovative and its service is second to none.
The lender goes out of its way to try to understand the needs of its customers and has a record of changing its proposition for the better based on feedback when appropriate.
It employs a number of business promotion officers at its head office whose job is to try to get cases through and to be commercial when necessary.
TMB has consistently supported packagers while other lenders have made U-turns and it has capitalised on this policy, seeing record volumes of business.
It is a balance sheet lender and part of the giant HBOS stable too, so if any lender has the right or opportunity to be arrogant at a time like this it’s TMB.
But it’s not. The business is run by people who care about their brand, their customers and evidently each other.
So, TMB competitors (you know who you are) – take a leaf out of its book.