Duncombe said lending criteria has become stringent since the financial crisis which means broker workloads have increased but procuration fees have failed to keep pace.
His comments follow the results of a broker survey which revealed the average time it takes to process a mortgage transaction from application to completion now takes 11 hours.
He said: “With the average procuration fee at around £550 the average rate per hour for brokers is approximately £50.
“When compared with other similar professions this is significantly lower. It is important to make sure that brokers receive appropriate reward for their hard work and to allow for continued investment in professionalism.”
The survey revealed that 85% said this was an increase in their workload compared to three years ago, largely driven by lenders’ requirements for more detailed client information and future affordability evidence.
Duncombe added: “Brokers now have to match a borrower to a lender based on their circumstances and the affordability of the loan.
“This is a good thing as it builds a much stronger relationship between the broker and lender and improves the professionalism of the mortgage market.”
