NatWest Intermediary Solutions claims its research has detected a shift in preferences for the way in which mortgage brokers receive BDM support from lenders.
Its research amongst 501 mortgage brokers found that while 50% said they preferred to be supported by a field BDM who would see them face-to-face on a regular basis, 27% said that they didn’t mind whether they had a field or phone-based BDM; meanwhile, 17% said they’d prefer to be dealt with by a phone-based BDM and 6% said they would be happy with a blend of both.
The main reasons for preferring to see a field BDM were:
- The added value they received on understanding a lender’s policy and criteria by being able to speak to them face-to-face
- The ability to solve things quicker face-to-face
- The opportunity to hear what’s going on with a lender
- The value gained from discussing topics face-to-face
- The ability to cover a lot more ground in a shorter period of time
The main reasons for preferring to see a phone BDM were:
- Easier to get hold of
- Quicker to respond to their calls
- Quicker to turn around issues because they’re office-based
- They haven’t got time to see field BDMs in the office
The main reasons given for why brokers didn’t mind whether they had a field or phone BDM were:
- As long as they are good it doesn’t matter
- They have had experience of dealing with both
- They don’t have time to see field BDMs in their offices
The survey found that three of the most popular ways of being kept informed about news from lenders were:
an email direct from their BDM
a phone call from their BDM
a face-to-face meeting with their BDM
Graham Felstead, head of NatWest Intermediary Solutions, said: “The role of a BDM has certainly evolved greatly over the last five years, as a result of the changing market environment for both intermediaries and lenders. It is evident that the majority of brokers who took part in our survey, understandably, have a need to keep up-to-date with the latest information from lenders on things like policy and criteria. They are also time-pressured so need to be able to resolve issues and have their questions answered as quickly as possible.
“But when it comes to the type of BDM support they want, it’s interesting to note how many brokers are happy to consider or prefer a phone-based service. Above all, it’s the quality of support they receive and the ease of contact and response that are important.
“This is consistent with the experiences we have of the BDM/broker interaction. Whilst many intermediaries still want to have a face-to-face relationship with a BDM there is a growing number who are comfortable dealing with their BDM primarily on the phone and via email, valuing the speed of response and ease of access. We operate a team of both field and phone BDMs that we’ve customised to the different requirements that exist in the marketplace. Our BDMs are supported by our LiveTALK instant messaging service that offers brokers immediate access to our knowledgeable sales support team who can provide them with up-to-date information quickly and efficiently.”