A recent survey conducted by Mortgage Broker Tools (MBT) has found that brokers are losing confidence in lenders’ ability to develop bespoke products, criteria, and underwriting based on affordability.
The study discovered that 54% of brokers believe that smarter lenders will become more creative, a significant increase from 30% in the previous year.
The research also revealed that 19% of brokers feel that very few lender proposition updates in the last year have enabled them to better assist their clients. This suggests that brokers are increasingly dissatisfied with the current state of lender product development.
Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “Brokers have lost confidence in lenders doing smart things, and a lot of product updates in the last year haven’t helped them.”
She went on to highlight the availability of technology that can support smarter product development, such as MBT’s recently launched Sandbox, which offers a data-driven approach to product development for lenders.
Toumadj explained: “We’re already working with five lenders to help ensure they are taking a smarter, more data-driven approach to product development, and we are confident that more will follow.”
