Mortgage Advice Bureau chief executive Peter Brodnicki said the incoming regulation, combined with an increase in mortgage volumes, will trigger demand for at least 1,000 more advisers.
He told Mortgage Solutions this demand could only be met by investment in recruitment and training: “The increased cost incurred by intermediaries in delivering consistently high quality of business, results in lender savings. Yet only a few have so far acknowledged that in terms of enhancing proc fees to the best performers.
“Lenders and intermediaries working as strategic partners, to deliver outstanding service to their customers is the way forward. Six months into MMR, maybe more lenders will review their stance and the long-term role of the intermediary.”
Intermediary firms can improve their ability of handling larger volumes of business by encouraging advisers to specialise in areas such as protection, he suggested.
Last month, Legal & General Mortgage Club director Jeremy Duncombe called on lenders to give brokers “appropriate recognition” of their larger workload following the introduction of MMR next April.
This could be in the form of better products, relaxed criteria or higher procuration fees, he said.
