According to new research from Pepper Money, clear and concise criteria are the most crucial factors for brokers when selecting a mortgage lender.
Over 500 brokers participated in the study, with 41% identifying clear criteria as the top priority.
Direct access to decision-makers and responsive contact channels were the second most important factors, cited by 24% of respondents. Meanwhile, 22% of brokers considered sourcing systems a deciding factor.
The research also revealed that just 6% of brokers considered a lender’s website and application platform most important, while only 4% based their choice on an existing relationship.
When asked about steps lenders could take to support brokers in growing their business, 32% said it was essential to be kept up-to-date with product and criteria changes. Additionally, 28% wanted marketing support to attract new customers.
Ryan Brailsford (pictured), business development director at Pepper Money, said: “This research supports our belief at Pepper Money that the publication of clear and concise criteria is vital to help brokers perform their jobs effectively.
“However, just publishing criteria is not enough. Lenders need to commit to underwriting cases in line with this published criteria, and not request additional documents or ask for information that is outside of their standard guidelines.
“This is a trend that brokers see all too often and it can be incredibly frustrating for brokers who then may need to explain to their customers why a case has been declined by their recommended lender. It’s something we take very seriously at Pepper Money and we always ensure our underwriter processes are aligned with our published criteria.
“As part of our support for brokers, we are also launching a dedicated campaign designed to help them improve the effectiveness of their marketing for new customers. This was identified as the most important thing a lender could do to help them grow their business by 28% of brokers.
“The campaign will provide practical help for brokers and could ultimately help more customers end up with the right mortgage for their circumstances by making them aware of the benefits of professional advice.”
