Speaking on Mortgage Solutions Television in association with BM Solutions, he said while the fundamentals of the job remained the same, brokers needed to be more “educated and understanding” of the changes to make sure they fulfil what is required to ensure an application goes through to a lender smoothly.
He said, for example, BM Solutions’ reaction to portfolio landlords would have been different to another lender’s, meaning brokers would have to get used to a wide range of changing systems.
Rickards also said the quality of mortgage applications put through to the buy-to-let lender had suffered as a result of the complex nature of the sector. He claimed 40 per cent of applications BM Solutions received were either incorrect or had insufficient information.
He also said mortgage fraud was an added factor as technology had made it more sophisticated, leaving brokers with the task of spotting fraud before it reached a lender.
“It’s a much tougher job than it was historically,” he added.