What do Mortgage Brokers doMortgage brokers, what do they do?
My second full year intermediate mortgage research analysis analyzed the lenders' schemes and practices, which account for approximately 80% of the intermediate mortgage broker age group, and the experience of 223 brokers in working with these brokers. In comparison to the 2015 poll, the poll showed a number of service enhancements.
Most important, as classified by brokers, is the ability to score and append proving papers, which is now provided by three fourths (75%) of creditors, down from only 43% last year. Furthermore, according to the Mortgage Market Review (MMR), half of the creditors now sponsor intermediary products and interest rates.
Also, many creditors are reacting to the increasing need for portable devices. Furthermore, 69% of respondents now offer system-generated automatic e-mail updating, up from 33% last year. The number of those who offer an individual on-line views of all the agent's cases was the second most important agent serving activity, declining from 52% in 2015 to 44% in 2016.
Moreover, less than half (44%) of creditors offer an overview of event follow-up for open cases, while a fourth (25%) of creditors offer no case follow-up at all. Whilst many good practices were given by individual creditors, there are inconsistencies in performance levels across the sector and half of brokers (53%) rate lenders' schemes as medium to very bad in terms of usability.
Thus, on-line offerings and services are not sufficient to successfully competing in the intermediate mortgage markets. Creditors need to improve their play and deploy really intuitively, more easily navigated and intelligently questioned schemes - once asking and once answering, delivering real-time case update for both the broker and the applicant.
Agents are recognising the advantages that intelligent credit delivery schemes can offer, and now that the Mortgage Credit Directive (MCD) is in force, they are expecting creditors to be investing in advanced technologies and shortening claim handling time over the next 12 month.