Clear and concise criteria are the most important factors for brokers when it comes to choosing a mortgage lender, a new study by Pepper Money has found.
Research, conducted on behalf of the specialist lender among more than 500 brokers, found that more than two in five (41%) value clear and concise criteria as the most important characteristic in identifying a preferred lender.
The second most important characteristic, mentioned by 24% of respondents, was direct access to decision makers and responsiveness of a lender through its contact channels, while 22% said they had made a decision based on sourcing systems.
According to the research, a lender’s website and application platform are most important to just 6% of brokers, while only 4% said they chose a lender based on an existing relationship.
When asked about the steps lenders could take to support brokers in growing their business, 32% of brokers said it was important to be kept up to date with product and criteria changes, while 28% said they would like marketing support to help them attract new customers. Just under 20% stated they would like apps for underwriting and processing, while 10% wanted help retaining existing customers and 8% would like to see more digital integrations.
Commenting on the findings, business development director at Pepper Money, Ryan Brailsford, said: “This research supports our belief at Pepper Money that the publication of clear and concise criteria is vital to help brokers perform their jobs effectively. However, just publishing criteria is not enough.
“Lenders need to commit to underwriting cases in line with this published criteria, and not request additional documents or ask for information that is outside of their standard guidelines.
“This is a trend that brokers see all too often and it can be incredibly frustrating for brokers who then may need to explain to their customers why a case has been declined by their recommended lender. It’s something we take very seriously at Pepper Money and we always ensure our underwriter processes are aligned with our published criteria.”
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