The evolving role of BDMs in a changing mortgage market – Carton

BDMs are often cast as the part of the coach and coordinator to mortgage advisers, on top of their core role of educating brokers on the range of products offered by the lender, the processes they should follow, and the myriad of changes happening across the industry. 

In fact, the role of BDMs is probably more crucial now than it has ever been. A good BDM doesn’t just find the quickest solution; they can add value and shape cases. The unique challenges we are facing today demand an even more strategic approach – something I am proud to say I witness every day among my colleagues. 

The endeavour of homeownership 

Over recent years, the dream of homeownership has moved even further out of reach for would-be first-time buyers, as earnings are being outstripped by house prices and the cost of living impacts the ability to save a large deposit. 

This is something that is proven in the Leeds Building Society report, looking into the many barriers facing first-time buyers and the impact that current economic conditions could have on the housing market. The findings show that everyone working in the mortgage industry has a part to play in helping to address these hurdles. 

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First-time buyers are historically earning above-average incomes, and yet they face challenges incomparable to previous generations – a triple combination of historically high house prices, high deposit values, and high mortgage repayments. 

Helping brokers help their clients 

As a lender, we are continuing to work on solutions to increase affordable routes to homeownership, and support people to save for their deposit. Through extensive training and an ongoing programme of learning – including the same training and quarterly knowledge checks as our underwriters – our 31 BDMs, across field and head office, are equipped with the knowledge and skills to find solutions for those stepping onto and up the property ladder. 

According to a recent broker survey, clear and concise criteria and being available and responding to communications were among the most important factors for brokers in choosing a mortgage lender. We’re also hearing from our intermediary partners that they are busier than ever, and that the uncertainty in the mortgage market is making it more difficult to get cases over the line. 

So, as well as investing in our relationship management teams, we’ve also invested heavily in our technology to ensure that we are constantly improving systems. 

To conclude, it’s vitally important for lenders to be there to support brokers throughout the mortgage journey, and being available at the end of the phone, email or webchat to give a quick and honest answer is crucial.

This might look like dedicated contact telephone numbers for new or existing applications, a live broker webchat service, and a dedicated and local BDM for every broker. 

This relationship isn’t just about answering queries; it’s about working closely together to ensure the best outcomes for brokers and their clients. 

This is exactly what our BDMs are doing today: helping find solutions for brokers and their clients to make homeownership dreams a reality.