BDMs

A positive relationship between a broker and a lender’s business development manager (BDM) is worth its weight in gold.

As the BDM is the face of the lender’s business, they can form the broker’s perception of the lender, and this contributes to the likelihood of the broker being happy to recommend the lender for years to come. In addition, the BDM should be a friendly bridge between the lender’s underwriter, who sanctions the mortgage, and the broker.

A lender’s criteria fall broadly into two categories. First are the hard criteria, which cannot be changed for anyone, such as acceptable property construction types, maximum loan-to-values and income multiples. You then have softer criteria, which are a wishlist of things the lender would like in the perfect case but which can, to some degree, be flexible when reviewing the case.

The BDM is the first port of call for a broker when a case does not fit the lender’s criteria. Where the case has enough positives to take it forward — in the broker’s opinion — a great BDM steps in and makes it happen by talking to underwriters and presenting a positive viewpoint.

A positive relationship between a broker and a lender’s BDM is worth its weight in gold

The best BDMs get to know the broker’s business, and they know the types of case the broker receives. For example, at LIFT Mortgages we specialise in high-income and large-bonus cases. So a lot of the ongoing training we get from the better BDMs is around parts of their criteria that we are most likely to benefit from in the future.

Some BDMs even call when the lender announces a change of criteria that will suit our client bank, so we don’t miss the changes.

A lot of the time, lenders are almost identical on price. So having a BDM that you can contact quickly, who can give you confidence a case is going to be approved first time, is the difference between a lender getting the business or not.

The broker and BDM can speak multiple times in the course of a week and get to know each other over time. A good BDM is worth millions to a lender, in my opinion.

David Baker is managing director of LIFT Mortgages

Connection

I know it sounds like an unusual, ‘not very corporate’ word to use but, when it comes to lender relationships, connection is key.

Connection is at the heart of everything humans are and everything they do. A lack of connection is the reason most relationships break down.

The mortgage world is no different. We need true connection for our relationships with lenders to thrive. And that relationship needs to be transparent, clear and honest.

As brokers, we hate nothing more than a response from lenders that is ‘less than human’ — flaky answers, lack of clarity and inconsistency are common issues we face.

We want to know the facts, and we want to understand the ‘Why?’. Why is a lender unhappy with a situation? What can we do to make it comfortable with it?

Our clients are at the forefront of our minds and they rely on us to provide them with a service they can trust. They rely on us to connect to them at every step, and this can be hard to do when there is a distinct lack of communication and connection with our lenders.

Let’s truly change things in this industry. Let’s really get to know each other. Let’s collaborate

A shift needs to happen at every level. From live chat to helpdesk to the way lenders are advertising. We want to understand them at a deeper level. We want to know their values behind the brand, and the reasons why they decide on their criteria.

Connection goes far deeper than having a decent BDM, a few corporate events and some branded notepads sent to your office. It’s about how we really know our lenders, and what we can do to improve this.

A real connection to our underwriters is also essential. Talk to us, help us feel what you need and want from us. Let’s work together to make our clients and our lenders happy, as efficiently as we can.

If Covid has taught us anything, it is that connection is vital to our health, wellbeing and relationships. Let’s truly change things in this industry. Let’s really get to know each other. Let’s collaborate.

So please, lenders, become more human and connect with us. Make time to get to know us properly. It really would make all the difference.

Sarah Tucker is managing director of The Mortgage Mum