You are here: Home - Your Community - Top Comments -

‘I would not support a broker comparison tool without very careful consideration of metrics’ – Star Letter 22/06/18

  • 22/06/2018
  • 0
‘I would not support a broker comparison tool without very careful consideration of metrics’ – Star Letter 22/06/18
Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter.

This week the accolade goes to Andy Wilson for his response to the post: Broker comparison tool could put many advisers in a ‘hellish situation’ – Marketwatch.

He said: “I would not support a broker comparison tool without some very careful consideration of what types of comparisons are to be used.

“You cannot, for example, simply use something like the level of broker fees charged.

“Does a higher fee buy you a better service? Or does a lower fee work better? When you consider the broker has to make a living somehow this could lead to inappropriate sales of other allied products paying commission instead.

“Number of complaints against the firm? Or against the actual adviser? Outcomes of these complaints? Upheld or not? If the complaints are about delays in processing cases, is this as bad as complaints where a material loss has been made? (Obviously not).


Distort lenders used

“One of the metrics I use a lot in placing a mortgage is the ‘total repayable over a product term’, which can lead to some usual suspects being used far more than others.

“This would distort the number or range of lenders used, to an extent.

“However, I would argue the outcome for the client is better over this given term than using a more expensive lender – but this makes no measure of the quality of service provided in getting an application approved.

“Sometimes I have to abandon the actual lowest cost lender in favour of a lender who will actually get the job done quickly, and once again there will be tried and tested lenders here too.


Which qualification is better?

“On qualifications, I hold CeMAP and also a DipPFS. I don’t hold the advanced diploma in mortgages.

“However, which is best – someone higher qualified in just mortgages or someone who holds a higher qualification in all round financial planning?

“Surely the extra knowledge of other financial matters that could affect mortgage borrowers is very relevant, including taxation, pension ages (in relation to mortgage terms) and so on?

“And finally – who is going to collate all of these metrics and ensure they are properly applied?

“And of course – who is going to pay for it?”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
headshot Paul Wareham Countrywide
Changing a business culture in the mortgage industry – Wareham

Times are changing, and everyone working within the lending industry will be aware that the way a company creates an...