McCormack (pictured), mortgage distribution director, accused ‘certain’ lenders of not contributing to the overall speed and success of the market.
Addressing an audience of brokers at Sesame’s annual conference, McCormack said: “Some lenders aren’t pulling their weight, but you guys are. You’re bringing us [the market] great customers, you’re doing all the marketing for us, you’re doing all the compliance, checking all the identities for fraud – you bring the customer to us.”
In return, he said, brokers were receiving sub-standard service from their relationship managers, and were being forced to discuss their enquiries with staff less qualified than they were, followed by 45 minutes waiting time for case tracking calls to be answered.
He added: “After going through this process, in some instances, 18 months into the client’s mortgage product term, certain lenders try and cut you out of the deal, certain lenders try and forget it was you guys that introduced the customer, certain lenders will not pay you for the work you do to secure that existing customer. That’s wrong isn’t it? And do you know why some of them do it, because they can. They think they can get away with it.”
McCormack wants the industry to put pressure on these lenders to support the broker community or step aside to allow others to continue to move the market forward.
For more exclusive coverage on the Sesame broker conference read executive chairman John Cowan’s thoughts on how brokers need to shed the role of ‘transaction fixers’.