Let’s be honest. It’s not been all fun and games for the mortgage industry as of late, but trying to stay ahead of the curve is critical to your success. Customers are becoming increasingly complex, whether they be credit-related, someone with multiple income sources or a newly self-employed customer. Having strong lender relationships, particularly with your BDM, is going to be more important than ever to stay ahead of the curve in 2023.
Here are four reasons why it’s vital to have a strong relationship with your BDM in 2023:
- Access to Market Insights: BDM’s have a wealth of knowledge about the mortgage industry and market trends, whether that be current topics such as customer duty or how swap rates perform; they can provide educational insights to help you achieve your personal career goals. Your BDM will help you fully understand lender propositions and give you guidance on what you need to look out for with specific types of lending, how to package cases with lenders and can add true value to you and your clients
- Education on specialist lenders: Specialist lenders are going to be crucial in 2023 with predictions that lending is likely to be harder with affordability and an uncertain property market. Your BDM can help you prepare for what is to come this year by educating you on how specialist lenders can help and support your clients that are in a complex situation, which in turn will make you feel more confident with how to help these customers achieve their home ownership dreams
- Making your life easier – Having a strong relationship with your BDM can help make the application process feel a lot smoother. Lending can be complicated, and being able to discuss a scenario with your BDM before you submit will prevent a deal being declined further down the line. Your BDM should be a friendly bridge between the Underwriter and you as the broker and can present your deal in a positive light to try and overturn decisions. They can also liaise with Underwriting teams to see if certain documents are necessary and make sure the application stays ticking over as opposed to getting stuck.
- Strengthened Network: The broker and BDM relationship shouldn’t come to an end just because a deal has completed. BDMs will get to know your business and what type of clients you receive, so maintaining contact with your BDM is crucial as they’ll provide updates on new propositions that you’re likely to benefit from. Having the ability to support and collaborate with each other is key to having strong, long-lasting relationships which can provide lots of opportunity
Building and sustaining relationships isn’t an overnight job, but it can be critical to you being well-positioned to succeed in the mortgage industry this year.
If you’re wondering how you can serve a growing market of adverse cases but aren’t sure where to start – we can help. With times being tough for many people, we will work together to ensure your complex cases are packaged correctly, quality support is provided and the best possible client outcome is delivered. Give us a call on 0800 368 1833, or alternatively request a call back here.