Top Comments
Brokers who do the least business take up most of lenders’ time – Star Letter 06/05/2022
Each week Mortgage Solutions and its sister title Specialist Lending Solutions pick the top comments from our readers.
This week’s comment came in response to the article: Randomised BDM help desks weaken lender-broker relationships – analysis
Arron said: “According to a Paragon poll, most brokers submit around 40 cases a year. The Financial Conduct Authority (FCA) suggests most brokers only use three to nine lenders.
“Many business development managers (BDMs) have told me it is these brokers who do so little business and lack experience with lenders that can take up 80 per cent of their time – Pareto’s Law – going through every part of the application process. This time is better spent responding to more productive brokers.”
Landlords selling up
The second comment came in response to the article: Dramatic rise in number of no fault evictions
Instilling mortgage confidence in the growing self-employed population
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Charlie said: “A lot of landlords are selling up, in this case there would be a Section 21 notice. They [government] wanted rid of private landlords and it’s starting to happen, especially the smaller one to three property landlords.”