Mortgage Brokers - Help Needed

butterflybook

Hi All

I'm looking for some advice from any mortgage brokers, intermediary or even business development managers out there.

Im currently doing some research on a potential job im looking to apply for which is a business development manager position.

The questions I have is to cover off any role play during an interview and I am looking for advice on what a first "pitch" would look like to a broker or intermediary to start to build a relationship with them. Also what a broker or intermediary would expect initially from a BDM.

Any help would be much appreciated

Thanks

ACG

I used to be an account manager for a life office.

My first calls were just to introduce myself, let them know im there what i can do to support them (eg sales ideas, promotions, sales aids etc etc). Is there anything i can do at the minute for them. But most importantly... ask if they had any cases on their desks they wanted me to quote for or take a look at.

As a rule of thumb when account managers meet me they generally want to get an understanding of my business and me - what i have done in the past etc. Im not convinced all of them are genuinely interested but some are.

They want to know how much business i write, who it goes to, why it goes to those companies.

What type of company is it? Insurance, protection, mortgages, pensions, investments?

butterflybook

Thanks for your reply - Very helpful :-)

Dave_Ham

For most lenders, the BDM role does not really add much value.

You meet a broker and they will want you to push through cases quicker, get involved on declined cases/reduced mortgage value and generally act as a point of contact.

In reality at most lenders you will not have the scope or authority to do any of these things and have a patch too big to appropriately stay in contact

The only way you can genuinely add value is to know your criteria and that of your competitiors. Know your edge and share it with the broker.

For example, it could be allowing mortgages over 75 years old, it could be more flexible interest only, it could be not requiring indefinitie leave to remain under 2.5 years, ccj's under £500 ignored, high rise flats allowance, company profits not taken etc. etc.

butterflybook

Thank you - I guess it would be helpful to know what a broker would expect in an initial meeting or an initial call and what I would need to do/say to gain an initial element of trust?

Im thinking I need to get across that im contactable and confident along with having a good understanding of products and criteria.

Do you think there's any weight in that brokers will place business with a particular lender if they have a good relationship with the bdm?

Dave_Ham

Not really..

Go on a few intermediary websites and just randomly call a few BDM's.

At least 80% will not answer and then they will all have the longest message saying not available and then contact this 0844/5 call centre for this and this one for that and this onew for this and this one for that. I am usually ready to kill myself by the end of the message, basically saying please call someone apart from me.

Typically areas change often and therefore a meaningful relationships are hard to build up.

Inevitably the Estate Agents are the target audience as they put in more volume and potentially are easier to influence.

ACG

butterflybook wrote: »

Do you think there's any weight in that brokers will place business with a particular lender if they have a good relationship with the bdm?

Definitely but only if the BDM can get things done.

There is 1 lender in particular i will never use because the lender is useless and the account managers (yes i have 2) are both pointless. Not interested and have no sway.

There are 2 lenders i would use all the time if i could because (as Dave says is important), they know their products inside out. If things fall off the rails i can call them and 9 times out of 10 they will come back with it rectified.

GMS

A lot of BDM's have been made redundant over recent years so there are many experienced people available for any new positions. Do you have any experience?

From my point of view the BDM needs to be approachable and understand their criteria.

Most are useless. However there are several who are invaluable. One of mine helped with a complex case and helped it go smoothly.

It is vital for me that they return calls and emails. Be honest even when it is not the answer I would like. Stand by what they say and generally care.

butterflybook

I was a mortgage advisor for a bank so I have the experience of that side of things but I haven't dealt with brokers before, I just want sure of how the BDM usually behaves in terms of initial contact and meetings

amnblog

You are probably asking the wrong people.

What brokers want from a BDM and what the Lender's management team want are two entirely different things.

Therefore, you will need to satisfy the managers idea of what is good practice to be in with a chance of getting the job.

They will probably want you to:

Have an agenda and support information to hand.
Introduce yourself and agree objectives (the broker's) and time scales for the meeting.
Go through the agenda.
Plug whatever the Lender is trying to sell that week.
Never admit your lender is useless (even though they are)
Re cap the meeting and agree actions

The Broker, on the other hand, will want you to listen (not talk), and do what you say you will do in the weeks following the meeting.

Of course, most Lenders are quite happy with their BDM ticking boxes and not doing much else so your seemingly thorough preparation for your interview may be unnecessary.

butterflybook

Thank you for all of your comments. I do get the impression that a bdm is considered pretty useless by a broker?