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Brokers struggle to stay on top of lender updates – Smart Money People
Mortgage brokers have been overwhelmed by lender changes to products and criteria in recent months, research suggested.
Advisers said that sourcing systems help but they don’t completely rely on technology for product updates, according to a survey by financial services review site Smart Money People.
Two in five brokers said they rely, at least in part, on emails from lenders to keep abreast of the latest product and criteria changes.
Some advisers “expressed despair” they couldn’t keep up with updates after market turmoil following the mini Budget in September.
‘Brokers are certainly frustrated’
Jacqueline Dewey, chief executive of Smart Money People, said: “The findings we’ve published today indicate the extent to which mortgage brokers have found it difficult to stay on top of all the movement in lenders’ product offerings, brought about by the recent economic turmoil.
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“Brokers are certainly frustrated that some lenders are changing rates on a Friday evening or Sunday, making them feel they need to work out of hours. With so little notice it’s adding a lot of extra pressure to already stressed brokers.”
With figures such as these and the upheaval that has been seen in the market since late September, brokers are risking ‘burnout’, a subject that Mortgage Solutions discussed with those in the industry in early October.