In The Spotlight

In the Spotlight with Melanie Spencer, MCI Mortgage Club

Rozi Jones
10th March 2021
Melanie Spencer MCI
"It is spring, there’s change in the air and we are continuing to support both our lenders and brokers for the betterment of all."

We spoke to Melanie Spencer, head of MCI Mortgage Club, about why the mortgage club model is set to change and why proc fee percentages are a 'business pinch point' for advisers.

FR: How are things going at the MCI Club?

Busy! Who isn’t busy at the moment? It feels like as an industry we are all extremely busy and working hard to achieve results in a virtual world.

Can we remember the lost time spent travelling to meetings or having to simply be somewhere else? Research on working from home consistently highlighted that people always work more and for longer, just never at this scale.

Nevertheless, we had a huge 36% increase in mortgage flows in 2020, our panel has increased by 50% in the past nine months and we have expanded our lender partnerships.

Sasha Sprake has joined us as mortgage manager, which has been a godsend and really complements our existing team. Having knowledgeable and passionate people on the team that reflect the goals and ambitions of the club continues to deliver value to our members.

FR: Will the mortgage club model ever change?

Absolutely! But what will change is probably a better question here. Following research in the DPR Group Mortgage Insights report, we have perspectives from both sides of the fence.

The vast majority of lenders anticipate greater digitalisation, some consolidation while continuing to use clubs to promote products and leverage technology.

Advisers on the other hand highlight business pinch points of proc fee percentages, payment speed, panel size, adviser support and technology. However, when you dig into this, there is dissatisfaction and are we as a collective, as an industry, as influencers and even architects of the process doing our part to evolve and support?

FR: Does there need to be change?

There has been enough commentary about how we have adapted within lockdown, the larger societal changes that have occurred and culturally how our industry has evolved. It would be foolish not to look inwardly and project whether mortgage clubs are a good fit for the “now” and into the future.

It is a tired but truthful statement that innovation can be glacial in the mortgage industry – it is spring, there’s change in the air and we are continuing to support both our lenders and brokers for the betterment of all.

FR: What can we expect?

Well, we cannot provide too much at this stage. We have embedded new payment software to support faster processing, implemented a new broker engagement strategy, and have expanded how we can support members through our technology proposition with innovative tooling.

Ultimately, our approach is to become the next level of mortgage club that supports the digital growth of its members and supporting our comprehensive lending panel.

FR: If you could see one headline about financial services in 2021, what would it be?

'Members of the MCI Mortgage Club thrive through its expanding panel and enabled through improved technology'.

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