Adapting to evolving market demands
The value of positive relationships
There are many elements that make up a positive broker/lender relationship in 2021, but communication and smooth, speedy application processes are most often coveted by mortgage intermediaries in the current climate. Key to achieving both are business development managers (BDMs) and underwriters. While the value of BDMs to brokers has often been lauded, their importance has become increasingly evident in light of the Covid-19 pandemic, with lender offerings and numbers of products changing frequently. But do brokers really want to see BDMs in person as often as they did before Zoom calls became the norm? Or are face-to face meetings still essential to establish and maintain relationships between both parties? Perhaps a combination of the two is the best approach. In the first chapter in this supplement, Guy Anker investigates what brokers regard as the ideal BDM set-up in the current environment. When it comes to processing client applications, brokers naturally hope for a hiccup-free experience. But should there be a need for additional information, or any glitches occur along the way, they want to know as soon as possible to avoid delays. The pressure has been even greater for both brokers and lenders since Covid restrictions began to ease, and incentives such as the stamp duty holiday ramped up demand 10-fold. Again, positive relationships are crucial to keeping all parts of the property purchase chain up to date. With underwriters holding the cards in the loan approval process, direct access to those in this role makes all the difference. In our second chapter, Natalie Thomas examines how the relationship between underwriters and brokers works both ways and how technology can speed up processes.
‘Do brokers really want to see BDMs in person as often as they did before Zoom calls became the norm?’
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remote control
the ideal lender
universal underwriting department manager, HSBC UK
steve Oxendale
Q&A
Introduction by Rebekah Commane
Remote control
By Guy Anker
New-look strategy
‘Some of our intermediary partners may change their working patterns and we want to be geared up to best serve them’
‘Face to face can be great for an initial meet-and-greet but online or phone communications are more than sufficient after that’
Regular face-to-face meetings between brokers and lenders’ business development managers (BDMs) could become a thing of the past and, while many advisers appear comfortable with remote relationships, they insist lenders should not go too far by cutting out human interaction completely. Lenders such as HSBC have said they will divert more resources to video and phone-based conversations, which mirrors the pandemic-fuelled move to home-based working within the mortgage broker community and beyond. HSBC has even grown its BDM team by about a quarter in 2021 and created a new unit to conduct remote meetings. The general feeling among brokers to whom Mortgage Strategy spoke is that, while they still want to talk to a BDM, this can be done by phone or video, partly to save a lender’s representative from spending half the day in traffic trying to visit them in person, thereby enabling them to speak to more brokers. However, advisers warn against an over-reliance on webchats or decision trees because many believe it can be difficult to get complex cases over the line without speaking to another human.
HSBC’s stance is therefore likely to be greeted favourably in this respect. The lender’s mortgage intermediaries marketing manager, Lisa Meredith, says: “With face-to-face meetings replaced with digital interactions, our team has transitioned to working remotely and using digital platforms to host meetings, roundtables and webinars. “The BDM role is a vital component for any successful lender. Such is its importance to HSBC that we’ve increased our BDM team by 12 since the start of 2021 to create a team of just over 50. “Our new team of 18 telephone-/technology-based BDMs is a direct result of a new-look strategy based on our vision post pandemic. We anticipate some of our intermediary partners may change their working patterns and we want to ensure we are geared up to best serve them by offering a combination of face-to-face BDM and telephone BDM.” HSBC is not alone in shifting resources to remote BDMs, and brokers welcome the fact elements of the new dynamic may become permanent fixtures across the market. Habito head of mortgage advice Will Rhind says: “During the pandemic, we’ve seen a shift from face-to-face interactions to BDMs offering Zoom check-ins and presentations, which has been really helpful to our brokers as we shifted to work remotely. “Face to face can be great for an initial meet-and-greet but online or phone communications are more than sufficient after that. I think this will be more important if, post pandemic, many brokers continue to work from home, or work flexibly, as it won’t be possible to come to a centralised office any day of the week and be guaranteed to meet whole teams.”
Avoiding the traffic
Plenty of research indicates that the UK will move to a hybrid model of working, which means brokers are likely to spend far more time operating from their study, spare room or sofa than they did pre-pandemic. Data from research giant Ipsos Mori found that, in March, 52% of workers across all sectors were working from home at least one day a week, and 90% of homeworkers wanted to continue to work from home at least one day a week. London & Country Mortgages director David Hollingworth adds: “If advisers aren’t in the office so much, there may not be the same value for the BDM or the broker to have as much time on the road.” Many brokers also understand that remote meetings with BDMs can improve service levels. After all, meeting a broker in person can mean that is the only interaction the BDM has in a day given the travel time, traffic and logistics of convening in an office. When that conversation takes place on the phone or as a video call, however, a BDM can have multiple meetings each day. Similarly, remote interactions can make it easier for busy brokers to speak to a BDM where otherwise they might not have had time. Some brokers think this dynamic has worked well during the pandemic. John Charcol product technical manager Nick Morrey says: “On the whole, lenders and BDMs have been superb with how they have interacted recently. “They have called, emailed and met online via video with a large number of brokers. Lockdown has actually helped BDMs to start relationships with brokers who were previously too busy to agree appointments but more than happy to have a conversation or a quick presentation. “Most importantly, during the busiest purchase market in a decade, lockdown enabled them to answer more calls and emails than ever before since field-based BDMs weren’t out fulfilling appointment targets. As response times reduced, the level of service offered by most BDMs was actually much higher than normal and widely appreciated by brokers.” Rhind says any measure that can help brokers to reach BDMs quickly is positive. “Having a BDM who’s readily available is crucial for us to discuss cases that sit outside a black-and-white policy or cases that need escalating,” he says. “It’s an important role to avoid a ‘Computer says no’ style of lending.”
‘When a client’s situation is complex and the answer can be more nuanced, nothing beats speaking to a human’
Role titles
Other lenders are likely to follow HSBC’s policy, according to professional services consultant Paul Archer, who works with mortgage lenders and brokers. Archer says: “The role of the BDM hasn’t changed and won’t change, but the individual will change, and how they go about achieving their position might too. “If you were designing a BDM salesforce for a new lender, I bet you would have road warriors with titles such as senior BDM or key account manager or strategic consultant. Plus you’d have a team of people using the phone only, called internal BDMs or inside BDMs or telephone BDMs. “I bet they’d talk to each other and help each other, but the internal BDM would still see the external role as a promotion or a step-up.” With the evolution of technology, one question that arises is whether automated systems could replace humans to create robo-BDMs, or similar. However, brokers are greatly opposed to such an idea. Although Rhind says lenders’ online webchat services help with the easier cases, he insists: “BDMs are great for proactively reminding brokers of areas they may have forgotten or changes in criteria, as well as helping with escalations or time-sensitive cases.” He and other advisers to whom Mortgage Strategy spoke have warned lenders not to go much further in stripping out human interaction with brokers, whether in person or remotely. John Charcol’s Morrey says: “The need for a human discussion will be with us for years, if not decades, to come. “Chatbots and decision trees are not great for mortgages given the diversity of criteria and society. Nothing is as quick as a human brain at making complex decisions, and brokers prefer to deal with a human. A common question asked of chatbots is, ‘Can I talk to a human?’ “Criteria are mostly online but the engines that display them, and lenders’ websites, cannot deal with layered risk. The expert, qualified eye to agree a situation will always remain, to a degree. “Above all, brokers want BDMs to fight their corner. Having a BDM is like having a partner to talk things through with, and having a representative with the lender’s various departments. “What we remember more than anything are the battles to move things forward or get things overturned. A good BDM is worth their weight in gold for this alone.”
No corner cutting
Although there is appetite for plenty of remote interactions with BDMs, some brokers have warned lenders not to cut corners when a verbal chat is impossible. Cherry Mortgage & Finance director Matthew Fleming-Duffy says: “Online chats are helpful when you want to know an answer to a specific question, but it can be frustrating when BDMs just cut and paste their criteria in response to queries. “For a large proportion of queries, fairly robotic, fact-based responses are fine. However, whenever a client’s situation is more complex and the answer can be more nuanced, nothing beats speaking to a human.” While it is acknowledged that the world of work has changed in favour of far more working from home, some brokers also value face-to-face interactions. HSBC insists that face-to-face meetings are still a core element of its intermediary relationship strategy, albeit its off-site staff will complement that activity with remote meetings. Meredith explains: “In-person business meetings, presentations, roundtables and conferences will remain an integral part of BDMs’ day-to-day activity. But they have a new piece of technology in Zoom that will enhance their effectiveness when they’re not driving around the country. “The exact mix of in-person and remote interaction will be determined by what brokers want. When our BDMs are on the road, those days will be efficiently managed with meetings where we’re able to add value to our partners.” Whether via Zoom, Teams or other media, HSBC’s approach chimes with the wishes and predictions of many brokers. Hollingworth says: “Video calls will still work well for some elements, such as regular review meetings and to potentially introduce new product and criteria training. But there will still be value in getting in front of advisers to keep them abreast of a lender’s developments and just to talk through cases. “I think we will see a blended approach. Maintaining good availability will remain crucial but there is still likely to be a benefit to having some face-to-face contact.” Morrey adds: “The past year has been a bit of a rollercoaster and has shown us all that what we were doing wasn’t the only way to do things. The BDM role should be re-evaluated, as should everything over time, and elements of both methods of working should be incorporated.” Some brokers simply enjoy meeting people and cultivating relationships in person. “I appreciate being able to get hold of a BDM quickly, which isn’t always possible when they’re out of office on appointments, but I am a very sociable person and like to meet people face to face,” says Fleming-Duffy.
Spreading the workload
Meredith says that, far from technology replacing BDMs, it can free them up to assist brokers with the things that really matter because it can remove some of the bureaucratic side of an application. She explains: “It’s clear that submitting a mortgage application will become easier in the next year or two. As a result, moving to offer and completion will be quicker too. “As technology evolves to do more of the heavy lifting on processing, lenders that continue to invest in their people will be able to give brokers a more personal and professional service. “Smarter tech spreads the workload and therefore frees up phone lines so, when you really need to speak to someone, it’s easier to get through and we can dedicate more time to helping brokers.”
As brokers acknowledge that remote meetings with BDMs can improve service levels, how will HSBC maintain broker/lender relationships in the wake of lockdown?
‘Lockdown has actually helped BDMs to start relationships with brokers who were previously too busy’
‘The exact mix of in-person and remote interaction will be determined by what brokers want’
introduction
positive relationships
Home
The journey from application to acceptance can vary greatly. What attributes would appear on a broker’s wishlist if designing the perfect lender?
The ideal lender
By Natalie Thomas
Access to underwriters
‘Direct access to underwriters is a huge tool that helps intermediaries, clients and lenders’
‘Even with the meteoric rise of video calling, connecting on a human level with our brokers is just as important as it ever was’
Ask a group of mortgage intermediaries to describe their perfect lender and it is likely the responses you receive will differ from one to the next. But at the heart of every broker’s wishlist is the desire to get their client’s case accepted in a speedy and smooth manner. Nevertheless, the journey from application to acceptance can vary greatly depending on the chosen lender. Both the Covid pandemic and the stampede to beat the stamp duty holiday deadline have highlighted any flaws in lenders’ procedures – while also illuminating their successes. So, if given a blank canvas and the power to design their ideal lender, what attributes would brokers include? Mortgage Strategy asked intermediaries what they would most like to see from lenders.
Automation can be very useful but, when your case hits a problem, nothing beats picking up the telephone to speak to an underwriter. “Direct access to underwriters is a huge tool that helps intermediaries, clients and lenders,” says Alexander Hall director of lender relationships and new homes Greg Cunnington. “Often a sticking point can be discussed much easier directly, also giving comfort to the underwriter that they would not have got without speaking directly to the adviser,” he adds. Trinity Financial communications director Aaron Strutt observes that access to underwriters varies from lender to lender. “Brokers like to know what is going on and that they can just pick up the phone and find out what is and isn’t happening with a case, but it is a real mixture when dealing with different lenders,” he says. Meanwhile, Chadney Bulgin mortgage partner Jonathan Clark finds direct access to underwriters particularly useful when facing a tricky or unusual case but says few lenders offer such a facility these days. The benefits can work both ways, he notes, with underwriters also glad to be able to contact brokers directly. “I find that underwriters contacting me and looking to fully understand one of my cases results in more and quicker approvals,” he says. However, as online tools have improved, Clark has found a diminishing need to contact lenders directly. “I very rarely telephone lenders these days because criteria and affordability tools are now so accurate. “I’m also comfortable using type-talk services when I need specific answers - a copy of which can be saved to a customer’s file if necessary,” he adds. According to HSBC UK head of sales, mortgage intermediaries, Richard Beardshaw, offering brokers direct access to the underwriter who is working on their application not only enables more efficient communication but also ensures HSBC can capture the complete information relating to the case, directly from the intermediary.
“The broker has access to speak to the underwriter on any aspect of the case and we work together with the broker to get the cases to an approved status as quickly as possible,” he says. “Even with the meteoric rise of video calling, connecting on a human level with our brokers is just as important as it ever was.” London & Country director David Hollingworth believes this is a two-way street: while it is useful for lenders to be able to escalate a case when needed, brokers should ensure they utilise all of the available online help. Some intermediaries, he says, have become accustomed to telephoning the lender with every query, even though these days many answers can be found online. “Some lenders’ online portals are much more instructive than they used to be, but the balance between having all of those tools easily available, like webchat, versus advisers up front and for the back-office side of things, is easier said than done,” he says. Indeed, achieving the right mix of both a personal service and easy access to answers online can be difficult, often requiring a substantial workforce. Nevertheless, many lenders are working hard to meet the needs of intermediaries. Last year, as the pandemic took hold, HSBC took almost 300,000 calls to its broker support helpdesk and exchanged more than 50,000 live-chat conversations. Beardshaw says: “We’ve boosted our sales teams, adding an extra 33 broker support colleagues - increasing our team to more than 100 dedicated agents; recruited 18 BDMs to work remotely and meet our ever-expanding broker numbers; and brought in two dedicated large-loans managers to support our enhanced large-loans proposition.”
A push on products
Having help on hand throughout the application process may be important but, for many brokers, advantageous criteria and rates remain the dominant reasons for choosing a lender. Intermediaries and their clients are currently enjoying some record-low interest rates thanks to the emergence of a rate war between lenders in the sub-1% market. But are rates alone the be-all-and-end-all for brokers? “Low rates currently seem to be a key lever for lenders in an attempt to attract significant volumes,” says Cunnington. “However, with most lenders now competing in these rate wars the products are quite similar, so criteria and service remain large reasons for why a lender is used for each case. The big winners are the clients, who are getting some really attractive low mortgage rates right now.” HSBC recently launched its lowest-ever fixed-rate mortgage at 0.94%. “We continue to offer a competitive range of mortgage products,” says Beardshaw. “Those who are looking at moving onto, or up, the property ladder, or who have a fixed-rate deal coming to an end, can take advantage of some of the most competitive rates we have offered for a while.” HSBC is also a participant of the government’s Mortgage Guarantee Scheme to help those with a lower deposit. As well as being attractive to new clients, low rates can act as a catalyst for existing borrowers, who may be on their lender’s standard variable rate, to think about remortgaging, observes Hollingworth. “If a client is on a high rate and they start to notice there are deals below 1%, it focuses their mind as to what they could have,” he says. “It could be they have let their mortgage slide onto a rate that is substantially higher than what they could be getting. Rates being so low kind of acts as a bellwether – five-year rates are at rock bottom and some other fixed rates are as low as they’ve ever been.” Although Strutt welcomes the abundance of sub-1% deals on the market, he feels lenders need to focus also on the first-time buyer (FTB) market. “FTB deals are still quite expensive compared to what they were. It would be nice if some of them could get back to the pricing they had pre-pandemic,” he says. Strutt believes many FTBs currently are being put off by the high rates. “Not everyone will qualify for a sub-1%, 40% loan-to-value [LTV] mortgage. While even the rates up to 85% LTV are amazing, you only have to be at 87% LTV and you need to take out a 90% LTV deal. “We just need some of them to start coming down again. A lot of FTBs have been following mortgage rates and they know that rates were really cheap before the pandemic if one had a 10% deposit,” he adds.
A focus on technology
Covid and the resulting increase in remote working have opened brokers’ eyes to what can be achieved through the use of comprehensive online systems and innovative technology from lenders. Moreover, although not the only consideration for brokers, an easy-to-use online system can go a long way. “Slick online access, particularly for reviewing customer data prior to a possible product transfer and/or porting application, has been vital, negating the need to hang on the phone to a lender,” says Clark. Cunnington agrees, saying: “A good lender system is definitely important to an adviser because it helps to increase productivity.” However, he adds: “In reality, if a lender has the best product, criteria and service timeframes post application for a client, but a poor and slower system, the adviser will still use that lender because it is the best thing for the client.” While some lenders continue to grapple with paper-based applications, the more forward-thinking ones are gearing up for open banking – which has the potential to shake up the mortgage market in the coming years. “Open banking is the perfect example of technology as a game-changer in mortgage processing,” says Beardshaw. “Lenders get to see the information needed to make a decision without waiting for documents to be gathered and uploaded.” HSBC launched open banking through brokers in March, for self-employed mortgage customers. As well as making life easier for intermediaries, it has improved processing times, according to Beardshaw. “With open banking, we get the information we want without having to go back and forth for more customer documentation,” he says. “We extract the details we need for our underwriting assessments from Experian. We just look at the credits, not the customer’s spending, with only temporary access so we can make the focused lending decision. “It’s already been transformative, and we can see the huge potential of open banking to speed up the underwriting process,” he adds. Cunnington is yet to observe a huge take-up in open banking, but says: “I can see how it could hopefully speed up some of the processing if it became more mainstream within the process.” Hollingworth too thinks the market will see more of open banking soon. “We have a bit of a journey to go,” he states. “Customers need to buy in to the benefits of it. “I think there is still a bit of hesitancy because to some borrowers it can sound like they are handing over a lot of information. But, once people see how that can be used to speed things along with less paperwork, I think the momentum will build and probably pick up, especially for borrowers such as the self-employed.” Strutt has noticed a similar reluctance among borrowers. “It depends how much information the borrower wants to hand over to the lender and how comfortable they are with giving it access to everything. People like to have a bit of control left,” he says.
Standing out
Increasingly, lenders that push the boundaries with innovations such as open banking, competitive products and direct access to underwriters will continue to win brokers’ favour. According to Beardshaw, supporting the mortgage market is a top priority for HSBC UK. “We’ve already demonstrated a significant increase in our capacity and we will continue to invest in our people, recruitment and processing improvements to further increase this capacity,” he says.
‘We’ve boosted our sales teams, adding an extra 33 broker support colleagues’
‘Criteria and service remain large reasons for why a lender is used’
‘In some ways I feel closer to my colleagues now than I did when we were in the office’
Day in the life of Steve Oxendale, universal underwriting department manager, HSBC UK
Challenges of working from during the pandemic were...
My alarm goes off at...
…6.45am.
…missing the people and the face-to-face interaction.
But on the plus side...
…I don’t miss the travelling at all. Being able to go out for a walk at lunchtime or straight after work is also a big positive. It will be really interesting to see how we all adapt to the future ‘New way of working’… whatever that is!
The main purpose of my job is...
…to manage a department of underwriters assessing applications on behalf of our broker business partners.
A common misconception about my role is...
…that we are the ‘Decline department’/‘System says no’ team. To train and accredit an underwriter to optimal performance levels can take up to six months. A key part of the training/coaching/support provided centres around making good-quality judgemental decisions and trying to find an alternative solution where possible.
The pros and cons of working from home, debunking myths about underwriters, and the pleasure of setting up HSBC's intermediary channel
My typical day entails…
…working with the management team (Onshore and Offshore) in relation to resourcing, and making sure we have sufficient cover across all our processes to provide the best service possible. This includes an 8.15am call with the Offshore management team based in Manila and Hyderabad (within the channel we really pride ourselves on being one team, no matter where we are based). It’s followed by a 10.00am check-in with my direct reports. It’s then onto meetings throughout the day linked to policy, processes and change initiatives. The list goes on. The benefits of Zoom are clear to see, especially in the way it has facilitated a different sort of interaction; in some ways I feel closer to my colleagues now than I did when we were in the office. There will also be meetings with my managers across the month focusing on their performance and that of their teams. At some stage I will attempt to deal with the dreaded emails and, if I’m lucky, I may even get a call or a referral from one of our amazing BDMs. But I think my consultancy fees are a bit high, so they tend to stay away!
My favourite work memory is…
…there are so many I’m not sure where to start, but I’m going to be cheeky and list two. The first is every time I see one of my staff or managers move on with their career, knowing that even if I have helped only 1% it’s such a worthwhile investment of my time. The second is when we set up the intermediary channel for HSBC. To be involved from the outset with something that has been so amazing and important for the bank, and being able to work with such brilliant people across all areas, is a memory that will stop with me for a long time.
A perk of the job is…
…sounds cheesy, but it’s the ability to work with some amazing people and also have the support of one of the best managers I have ever worked with.
To unwind after work I…
…drink.... Just kidding, though there may be the odd one or two. But generally I like a nice walk. Lockdown has truly opened my eyes to some of the beautiful countryside on my doorstep. I could also mention watching football but, after recent results and also because I’m a Sheffield Wednesday fan, I don’t think I could ever classify football as a way to unwind!
My role in five words is...
…helping customers’ dreams come true.
'The benefits of Zoom are clear to see, especially in the way it has facilitated a different sort of interaction'
'A key part of the training/coaching/ support centres around making good-quality judgemental decisions'
July 2021
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