But now more than ever, the relationship is stronger and at the forefront of decision making.
The market place has seen a real shift over the last year and as a result, the relationship between brokers and lenders is more important than ever. Both parties have begun to take advantage of each other’s skills and knowledge of the industry, for the benefit of the clients.
This enhanced, united approach is positive for the industry as a whole, and will be of significant benefit to clients, going forward. The increasing appreciation of what each partner needs has already resulted in improved decisions, helping brokers to access the most appropriate product for the needs of the client.
This is the situation that working together hoped to achieve, with its aim “that the relationships in which lenders and intermediaries are engaged deliver good customer outcomes.”
Before the credit crunch, the sheer number of brokers and lenders meant more choice in terms of business relationships.
Through the recession however, a number of players have exited the market and for those that remain, this has highlighted the importance of working together as a team and the need to understand each other’s businesses better.
Now lenders, who are either returning to the market or entering it for the first time, need to spend time building their partnerships with brokers, educating them as to what to their products and requirements are.
It is clear that greater knowledge and understanding results in decisions being made, which are even more appealing to brokers and borrowers, especially considering high street lenders have restricted their criteria and are taking longer to provide the funding needed, if they can.
In many cases, depending on which lender is involved, the difference can be next day decisions and a longer wait – which can be the factor between sealing a deal and losing a property.
In a lending environment that continues to prove tough for borrowers, a good relationship, with clear lines of communication between lender and broker, can be central to securing the funds for the client, when they need it – something that should be at the heart of everything we do.
Now the challenging times are stabilising, the key to a stronger market will be about continuing to support each other and focusing on the needs of the client.
