Good relationships with lenders are vital. We have well-established partnerships with around 200 lenders and last year we conducted business with about 120 of them.
Each of our lender partners has a distinct niche that enables them to remain competitive in the market. In today’s landscape, where cases often involve layered complexities, these diverse relationships are more valuable than ever.
We’ve recently seen a significant portion of our business go to specialist lenders. In my past three cases, for example, I worked with Harpenden Building Society, Teachers Building Society and Kensington Mortgages, all because of quirky, unique client income.
Best use of time
Time is a precious commodity and it can be challenging to balance the hours spent nurturing relationships with those spent working on existing and new business.
As I cultivated strong relationships with lenders, I began to see the value of these connections for my personal business growth
Business development managers (BDMs) can help save time on cases while delivering better client outcomes. Lender BDMs can expedite cases to meet strict completion deadlines, reduce underwriting queues, and ensure cases are reviewed by the most appropriate underwriter based on their expertise and their experience of similar cases.
But the key to nurturing those relationships is maintaining regular communication with lenders. That means ensuring we meet with them frequently, introduce new team members and make sure everyone has a clear understanding of their roles and responsibilities.
We try to arrange face-to-face meetings with four to six lenders per week, whether that’s an informal chat with our brokers while they walk the floor in our office, a formal presentation or a simple criteria update over a coffee.
Personal growth
I fell into the mortgage industry by doing a placement year with a mortgage brokerage while I was studying business and finance at university. After that I joined Private Finance and earned my stripes as a successful broker.
As I cultivated strong relationships with lenders, I began to see the value of these connections for my personal business growth, as well as for the company’s growth. This led me to take on additional responsibilities in nurturing and developing these relationships further.
We try to arrange face-to-face meetings with four to six lenders per week
It can seem daunting at first but what I would say to brokers is: don’t struggle alone. Many lenders have BDMs, even if they don’t advertise it. If you believe that building a stronger understanding of a lender’s offerings could benefit your business, don’t hesitate to get in touch.
By seeking out new knowledge and building relationships, you may secure the next successful case for your business.
This article featured in the May 2023 edition of MS.
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