"We have launched The Broker Collective to ensure our clients and we, as practising mortgage brokers, are fairly treated by lenders and democratically and transparently represented."
A new organisation representing mortgage brokers, The Broker Collective, has launched today.
The Broker Collective refers to itself as an untrade body because it is decentralised and powered by practising brokers.
The sole purpose of The Broker Collective is to ensure UK mortgage brokers and their clients are fairly treated and democratically and transparently represented.
Brokers who wish to be part of The Broker Collective can join the official LinkedIn public group. There is no membership fee, as the collective will be powered by its practising broker members and operate only when it feels it needs to.
The Broker Collective's inaugural campaign is the #24hourpledge, calling on all lenders, before discontinuing any mortgage product, to pledge to provide a minimum notice of 24 hours to all affiliated brokers.
The Broker Collective is calling on lenders to voluntarily commit to the following:
- Advance Notice: Before discontinuing any mortgage product, pledge to provide a minimum notice of 24 hours to all affiliated brokers. This notice will include pertinent details such as the product being withdrawn, the reason for the withdrawal, and the exact time of the withdrawal.
- Communication: Lenders are asked to commit to clear, concise and open communication channels, with advance notice distributed through multiple channels to reach every broker and give them ample time to adjust their strategies and advice for their clients.
- Support: Commit to working collaboratively with brokers to minimise any disruption and ensure a smooth transition for all parties involved.
- Review: The Broker Collective will periodically review this pledge in consultation with lenders to ensure its effectiveness and make any necessary adjustments that can further enhance the relationships and trust among all parties.
Riz Malik, a member of The Broker Collective, commented: "We have launched The Broker Collective to ensure our clients and we, as practising mortgage brokers, are fairly treated by lenders and democratically and transparently represented.
"Our initial campaign is to ensure lenders commit to a minimum notice period of 24 hours to all affiliated brokers. This notice will include pertinent details such as the product being withdrawn, the reason for the withdrawal, and the exact time of the withdrawal.
"To this end, we will be calling for 12 lenders of different sizes and with different financial models to attend a digital roundtable, to discuss the issue. We will be in touch with those lenders in the days ahead and will publish the conversation on social media for all brokers to see."
