Mortgage brokers are struggling to keep up to date with recent changes to lenders’ products and criteria, according to new research.
Findings published by Smart Money People indicated that while technology is helping brokers, many respondents said they also check lenders’ websites and that most don't wholly appear to rely on sourcing.
Over two in five (43%) of brokers who took part in the survey said they rely on emails from lenders, either wholly or somewhat, in order to be aware of their latest product and criteria updates.
A number of brokers also expressed despair that they just couldn't keep up with all of the changes, especially since the mortgage market was thrown into turmoil by the government’s mini-Budget.
During October, brokers shared their feedback with Smart Money People about the last five lenders they had done business with, whether this was banks, building societies, specialist or lifetime lenders. This research also asked brokers to rate the technology they use, including criteria and sourcing systems.
Smart Money People CEO, Jacqueline Dewey, commented: “The findings we’ve published today indicate the extent to which mortgage brokers have found it difficult to stay on top of all the movement in lenders’ product offerings, brought about by the recent economic turmoil.
“Brokers are certainly frustrated that some lenders are changing rates on a Friday evening or Sunday, making them feel they need to work out of hours. With so little notice it's adding a lot of extra pressure to already stressed brokers.
“These findings come in advance of the publication of Smart Money People’s twice-yearly Mortgage Lender Benchmark which dissects the state of the mortgage industry according to the views of brokers. The results will be made public in a few weeks’ time.”
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