Lender reputations are more vital than ever in the current mortgage market

On the 6th of October 2022, we hosted our 2nd annual Dynamo Diamond Conference for advisers at the iconic Twickenham Stadium. The aim of this was to be bigger and better than the previous event. A lofty ambition I know but, on reflection and being totally impartial(!), I firmly believe that we achieved this.

This also got me thinking. Was its success in spite of, or due to, the current uncertainty seeping thought the political arena, the economy and the mortgage market?

In a time when advisers were – and still are – scrambling to meet the ever-changing needs of their clients, we thought that getting them out of their office might be something of a struggle. However, when speaking to attendees, it seemed that many welcomed a break from the stresses of the office and embraced the opportunity to escape their bubble, to have a face-to-face with so many lenders and to network with their peers.

Part of the event’s success was due to the fact that attendees were given the freedom to plot their own journey. In terms of how they wanted the day to work for them, not the other way around as can sometimes be the case. By this I mean there were plenty of planned sessions but we allowed far more time for brokers to see and speak with lenders who were in attendance. A factor which also meant that lender exhibitors were always busy, although they were never likely to be quiet given the current lending landscape.

It was also great to see so many lenders speaking openly and frankly with brokers over the course of the day in outlining their position during an extremely tough time from a pricing and servicing perspective.

Whilst I understand the balancing act lenders were forced to take, it’s only fair to say that some have performed far better than others in terms of their processes, their service levels, their withdrawal notices and their overall communication strategies. I won’t name names but the more impressive performances have emerged from specialist lenders who have implemented the type of actions which have generated plenty of positive sentiment amongst brokers. And let’s not forget just how long brokers’ memories can be.

Of course, there will be plenty of chances for them to redeem themselves in the future and the entirety of the blame can’t be thrust on their shoulders as they have had to navigate some extraordinary times.

Looking forward, it will be interesting to see how lenders approach the last few months of 2022 and into 2023 from a volume and engagement standpoint. Let’s just hope that a sustained period of market stability will allow those that may have struggled to get their houses in order to do just that. Otherwise, those lenders who have stood out from the crowd will continue to stretch their lending books and reputations into the new year and likely beyond.