FR: Mutuals and building societies have taken a larger share of the mortgage market recently – why do you think this is?
This is certainly the case in the intermediary market and I think it’s largely down to the smaller societies and mutuals offering what this market wants; namely innovative, niche products, not available in the High Street. Allied with a manual underwriting model allowing proper risk assessment and flexibility. They also tend to be approachable, personable, proactive and they care.
FR: What have been some of your company's key milestones this year?
It would appear that there have been more milestones in the past year than the previous 155.
From deciding to offer an intermediary only mortgage distribution policy in advance of MMR, to opening up lending outside the Black Country, to some key appointments within the business, to investing in a new Head Office building and new processing system. It’s certainly not a dull place, Dudley!
FR: How important is the distribution strategy to a mutual like Dudley?
Distribution strategy is vital for a small society like the Dudley. Without limitless resources, we need to deal with a small number of key partners, that can give us large scale penetration but controlled access to the intermediary market. By forming such close relationships, we can also control quality and volume and deal with any issues quickly and efficiently.
Our partners also offer us future scalability in the market.
FR; What does 2013 hold for you, and what do you foresee for the mortgage market?
For me personally, a lot of work, bedding in the society’s distribution strategy and launching new products for our partners.
For the mortgage market I think it’s the most exciting time in the past 6 years. With more encouraging economic data and expansion of initiatives like Help To Buy, there is more optimism that we might just get the market moving forward and therefore stagnation in certain areas may just come to an end.
FR: What challenges do you feel are most affecting brokers in the current market?
There’s obviously never enough business to keep everybody happy but I think, from a regulatory perspective, there will be challenges and opportunities around MMR.
FR: If you weren’t in the financial services industry, what would you be doing?
If I wasn’t in financial services I may have ended up in the Merchant Navy. Unfortunately, when my time came, in the early 80s, it coincided with a dramatic reduction in both the UK fleet and officer training places on offer. I sort of fell into financial services, after a brief spell working in the Civil Service but have never regretted that fall. I have met many fantastic and interesting people over the years and am lucky enough to still know most of them as friends as well as colleagues and customers.
