Steve Walker, managing director at Promise, says:
“There has been so much noise around secured loans recently that the key messages have been lost. From the work we are doing with networks, we know that DA brokers are also at risk of getting it wrong so we have effectively started from scratch with why, when and how to transact secured loans. This is what brokers want to know and it has been very well received.”
Promise’s existing introducers, and all brokers who register from now on, receive guidance each day for one week on subjects such as, why they should offer secured loans, how to offer them, key compliance issues and common examples of where a loan may help them place a declined remortgage. In addition there are examples of quirky buy to let and first mortgage products as well as advice on how to use secured loans to gain and retain more mortgage business.
Walker adds: “Promise has always aimed to help educate and empower brokers to be more successful in dealing with secured loans. Now is a time when brokers need to reassess how they transact secured loans and develop a sales model and relationships for the future. They need to get the message that the market and their obligations have changed and the old way of assessing and dealing with their clients needs will, in most cases, not be good enough.”
