In recent years, the relationship between lenders and brokers has evolved beyond transactional interactions, with lenders now offering more comprehensive forms of support.

Similarly, networks have embraced a more all-encompassing role, assisting brokers not only with business development and marketing but also with navigating regulatory shifts.

To better understand how brokers view the assistance they receive from lenders and their affiliated networks or clubs, Mortgage Finance Gazette’s Rated for Service introduced a new section. In it, brokers were asked several questions regarding the quality of support available to them.

When asked about training and business development assistance from lenders, most brokers responded favourably: 51% rated the support as ‘Good,’ while only 7% considered it ‘Poor.’

The feedback regarding networks and clubs mirrored this trend. 46% of brokers rated their support as ‘Good,’ whereas just 2% described it as ‘Very poor.’

In general, more brokers rated the support from their network or club as either ‘Good’ or ‘Excellent.’ Yet, the fact that 2% still rated it as ‘Very poor’ suggests that certain brokers feel underserved.

Brokers were also asked which aspects of lender training sessions they found most valuable.

The most important content was identified as mortgage criteria, which 61% of respondents prioritized. In contrast, marketing and social media support received the least interest. A comparable trend was seen when brokers were asked about their network’s or club’s events.

Despite having ongoing access to lenders’ criteria, brokers evidently value the live insights provided during presentations.

When questioned about how networks or clubs helped them navigate major challenges—such as the introduction of the Consumer Duty—responses remained broadly positive. 51% of brokers rated this support as ‘Good,’ while only 1% rated it as ‘Very poor.’

When it comes to event formats, brokers showed a strong preference for a hybrid approach, combining both in-person and virtual experiences—a shift that may not have been anticipated prior to the Covid-19 pandemic.

In summary, the findings reflect a generally high level of satisfaction among brokers with the support they receive. However, some areas remain ripe for improvement, offering clear opportunities for lenders, networks, and clubs to enhance their broker partnerships. 

Source: Mortgage Strategy