Trust is built by strong relationships,
which goes beyond the guy on the road. Relationships are formed out of effective communication. A lack of understanding throughout the lender creates inconsistency and inefficiencies in communication, with intermediaries receiving marketing messages that are not as important, and worse still having mixed messages from their business development manager from marketing and from the processing team. This creates mistrust and is even
harder when a lender over-promises and under-delivers. Lenders therefore need to have
better connections and communication internally, in order communicate effectively externally. Moreover, the most important form of
communication is listening. Listening is an under-used form of communication and builds understanding. And even if some parts of the lender listens, does this knowledge and insight get shared. No.
So do underwriters really know
why it is important to be prompt and consistent? The jury is out. If everyone working in a lender understands what is important to an intermediary, then the market would be more profitable.
22 catches Despite all this, and because of it, the market is now in a bit of a catch-22 situation. Intermediaries are dealing with fewer lenders yet the market craves more competition. However, I don’t think intermediaries will begin widening their pool unless lenders looking to woo them do so with a real market understanding. I am not saying the lenders used are
perfect, but it is a case of better the devil you know. With so few clients around, an
intermediary can’t afford to risk losing a client and will place the case with a lender in which they have greatest confidence and trust that the case will
go through and go through quickly. This is a barrier market challengers must overcome. Until then, the market will remain dominated by a few, which is not good for anyone. Can this be done? Yes, of course it
can. Lenders just need to think their approach through carefully. Lenders looking to increase their share
of the intermediary market need to go about shifting market perceptions. They need to be brave and innovate to get attention. They need to move beyond a price-led proposition to a value-added proposition, which is built around the needs, motivations and aspirations of the intermediary. They need to get close to intermediaries and really understand their needs. Everyone wants to see a more
completive market. The answer lies in trust, relationships and communication which deliver real understanding. As Stephen Covey says “seek first to understand and then be understood”. n
Mortgage introducer JULY 2011 53
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