Top Mortgage Brokers 2016Mortgage Broker 2016
They are now being said to be faced with a tough election - either they pledge to develop their offerings to satisfy their clients' needs, or they stay as they are and take a pure transactions based one. Jeremy Duncombe, Legal & General Mortgage Club Executive Officer, likened the mortgage brokers' positions to those of Amazon, the online retailer who had to diversity to be competitive.
"Just as Amazon no longer only sold book sales, brokers have much more to boast than just mortgage loans - from advising to freeing capital through protecting, transferring property, living style plans, other borrowing and so much more," he said. In order to maintain and expand broker shares, brokers must be investing in enabling technologies and providing a sophisticated level of services that allow them to adapt to evolving client needs and aspirations.
Duncombe said that as clients become more demanding and technically skilled, they will begin to require similar experience and offers from financiers - brokers included - as they are used to from other retail brand names. "He said it must be about more than just mortgages." Mr. Robert Sinclair, CEO of the Association of Mortgage Intermediaries, said that in order to thrive, brokers must evolve towards electronic client engagement and new ways of integration with creditors.
"Trade with clients must be on their own terms whenever they want, through the media chosen, whether it' take the form of a tray, telephone, Skype or in person. Mark Lofthouse, CEO of specialized Mortgage Brain, said it would come as no great a surprise that he is a great supporter of mortgage banking.
"However, even taking into account my unavoidable distortion, I was still amazed and delighted at the way brokers have taken the chance to see the advantages that enabling technologies can offer their business," he said. "Whether pushed by the consumers, brokers or regulators, the mortgage loan sector is addressing all facets of the mortgage cycle in a way that would have been unthinkable 10 years ago.