The network says that tighter credit conditions, regulation changes and increased scrutiny of quality by lenders mean brokers are facing a significant amount of changes.
Openwork will provide brokers videos from lenders on their changing requirements including tips on how to avoid fraudulent applications and follow up issues.
A recent report by the Financial Ombudsman Service (FOS) found that Openwork had the second highest number of complaints in the adviser firm sector during the first half of the year, with 100 complaints referred to the FOS.
It has also hosted a series of events across the country in order to speak to brokers face-to-face, the final event takes place in Belfast on Monday 22nd October. The network estimates over 500 brokers have already attended sessions.
Paul Shearman, mortgage, protection & general insurance proposition director, told Mortgage Solutions that brokers must adapt to meet new requirements when placing business.
“Lots of lenders are now focussed on knowing your distributor; lenders are providing the networks with data on firms and specific advisers. We have 1,500 mortgage advisers and there are some where there is room for improvement.
“Advisers who do a lot of business have adapted quite successfully but we need to make sure those who aren’t placing cases as regularly are keeping up with all the changes.
“In recent times the mortgage world has been severely impacted by the credit crunch, the resulting shortage of funding and ever tighter regulation, including the Mortgage Market Review and the FSA’s thematic review on fraud.
“In the face of these challenges, we are committed to doing all we can to help advisers remain both successful and safe when writing mortgage business, and we are pleased to work with all of our lenders to ensure that continues to be the case in this ever-evolving market.”
