2012 was the year of lenders bringing in detailed measures in matrix format, to drive better quality business to cut out potential fraud, and, as a consequence, deliver more cost efficient behaviour from brokers.
We attended numerous meetings to get an understanding of what we as networks need to do to ensure that our members know and understand how to match their behaviour to the matrix. That of course means a different matrix for every lender with different measures and different outcomes.
The good news is that we are all on the same side, and being able to interact with lenders credit, risk and fraud departments, we have a better understanding of how and why these events actually happen.
This enables us to explain how and why members may need to change the way they do business, with a clear understanding of the consequences of not doing so.
The industry has changed beyond belief. It is more time consuming to write business and more research is required.
It is not just based on knowing the lender but knowing the customer too, and being aware of the consequences of not doing this properly. I think that awareness is a positive move and it has started a real change in broker behaviour.
All in all I think it is fair to say that we have done a pretty good job in putting the industry back on the right track. It will never be 100% perfect, nothing in business ever is, the goal posts forever change. We have changed the way in which we transact with lenders and the consumer in a really tough environment.
So I felt it was time someone spoke up for intermediaries. In my opinion those that have survived the mortgage tsunami are doing a pretty good job of shaping up to the new way of placing mortgages and looking after their clients.
Sally Laker is managing director of Mortgage Intelligence and Mortgage Next