Research conducted by Pepper Money, who surveyed around 500 brokers, found 24 per cent said direct access to decision makers and responsiveness of a lender through various channels was a deciding factor.
Around 22 per cent said they made a decision based on sourcing systems.
The research added that six per cent of brokers rated the lender’s website and application platform and only four per cent said they chose a lender based on an existing relationship.
Ryan Brailsford, business development director at Pepper Money, said the research supported its belief that clear and concise criteria was “vital to help brokers perform their jobs effectively”.
“However, just publishing criteria is not enough. Lenders need to commit to underwriting cases in line with this published criteria, and not request additional documents or ask for information that is outside of their standard guidelines.”
He added: “This is a trend that brokers see all too often and it can be incredibly frustrating for brokers who then may need to explain to their customers why a case has been declined by their recommended lender.
“It’s something we take very seriously at Pepper Money and we always ensure our underwriter processes are aligned with our published criteria.”
Brailsford said it was launching a dedicated campaign to help brokers improve the effectiveness of their marketing for new customers, which was identified as most important thing lenders could do to help them grow their business by 28 per cent of brokers.
“The campaign will provide practical help for brokers and could ultimately help more customers end up with the right mortgage for their circumstances by making them aware of the benefits of professional advice,” he noted.
