When asked about how lenders were communicating changes to brokers Carrasco said there were multiple emails going out to brokers each day.
She added: “Just the sheer enormity and volume for a broker to keep on top of is really, really difficult.
“It’s still a high volume industry at the minute, things haven’t really quietened down that much.”
Carrasco continued to say that it was not just down to lenders to inform brokers of changes, as they are also “reliant on things like the sourcing systems as well”.
She added: “They need to be on top of their game in making sure that all of the new products are available to the brokers.”
Some lenders ‘doing well’, others ‘could do better’
David Baker, managing director of Lift Mortgages, said some lenders were doing “very well” at keeping brokers up to date, while others “could do a lot better”.
He said he had a recent case where he recommended a mortgage to a client but when they had made their decision three days later, the pricing had gone up three times.
Baker added: “Lenders do need to look at the broker market and understand it is very transactional, the client doesn’t instantly say ‘yes’. They’ll go away, they’ll think, they’ll read the documents and come back and a little bit of notice will certainly help us.”
Chris Pearson, head of intermediary mortgages at HSBC UK, said the bank did try to give 48 hours’ notice but rate movements made by competitors pushed the lender to the top of sourcing systems and threatened their capacity, forcing them to make “quick decisions”.
*Filmed on 1 August
Watch the full video [5:48] hosted by Shekina Tuahene, commercial editor at Mortgage Solutions, featuring Chris Pearson, head of intermediary mortgages at HSBC UK, Jo Carrasco, business partnerships director at Stonebridge and David Baker, managing director of Lift Mortgages.
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