Mortgage Brokers - Help Needed

Senior_Paper_Monitor

A good BDM at the right lender is worth their weight in gold (usually the smaller lenders) - many are completely useless either because of the actual role/authority applied by the lender or their own ineptitude (or both)

betmunch

butterflybook wrote: »

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

Some are useless, some are amazing.

Largely it depends on what remit they are given by the lender.

I can name some amazing BDMs. They call you back, answer your questions honestly, and fight your corner when the underwriters are being a pain.

But I can also name some terrible ones. Dont call back, dont know their criteria, etc.

I also like to think that it is the lender that sets the tone for the BDM, if the lender wont give the BDM any authority what is there use to me?

If you are prepared to please post (or PM) the company you are interviewing with and I think that may help us explain what would be expected of you, and probably more importantly what you should expect of the potential employer

ACG

butterflybook wrote: »

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

not at all.

It comes down to how good they are and how much flack they have/who they know.

If the BDM cant be arsed then theyre useless.
If they have no flack then you may as well be calling a call centre.

If they have no flack but care then it can work as they will know who to speak to.

The role in itself is great, but it comes down to those 2 things in my opinion.

GMS

2 examples:

1. I had a BDM in from a secured loan brokerage. She bit her nails, flicked her hair and failed to answer questions. I asked her a question about criteria which she didn't know. I then told her the criteria.

She said 'We are the best in the business I promise' I asked in what way and she said 'In all ways'.

Useless.

2. Case with a self employed customer who employed his wife and paid her cash. Spoke to BDM. She suggested how it could be done subject to P60 and accountant reference. Very grey area of criteria due to being paid cash. Case manager said no, BDM intervened and referred to senior U/W. Case agreed.

Fantastic BDM and always there to help. She is amazing.

Good and bad in all roles.

butterflybook

Its a very small building society that the interview is with- Thanks for all of your views I really appreciate them

butterflybook

I have now had confirmation of my interview and they have mentioned there being a BDM roleplay.

I am nervous about this element as i dont have the BDM experience to put in to a roleplay....

Keekles

Moving away from mortgages / BDM specifically and into recruitment but hey, that's where I used to be

If I were you, I'd be asking more questions with regards to the roleplay. You may find that figures are of importance to them, or completely irrelevant - likely the latter. It certainly wouldn't hurt to have an understanding of their lending criteria however.

Also, which element of the role are they going to be roleplaying against? I'm sure all brokers on here have some sort of experience with a BDM that's popped into their office, but they might have you doing a presentation on their products to a group of brokers (say an estate agency based team) for example.

No harm in asking questions and just letting them know that as you're serious about the role you believe it's in your best interests to be as well prepared as you possibly can be.

ACG

Ive just had a first meeting with a BDM this morning - although i have spoken to him a few times on the phone already.

He came, we exchanged good mornings how are you etc.
He then asked how business is going, what im doing to keep busy etc.
He then offered me some ideas on how to develop an introducer i have from giving me the odd referral to more and how in return it will help her business - have an idea of how having an estate agent/letting agent/solicitor/accountant can help brokers and how brokers can help them.
He went through their rates, criteria and the type of mortgages they want (this is a common theme) - so might be worth reading up on what your lender/hopefully to be employer wants. Do they want "vanilla" cases, do they want quirky cases, adverse/complex. Dont be afraid to say this is what we want or what we dont want.... There is no point the broker wasting his time and your time trying to send you something your never going to accept. A good bdm in my eyes will say thats not one for us.

He then took the P out of me a bit (which is fine as it shows their is a good relationship there) and off he went.

Keekles

ACG wrote: »

He then took the P out of me a bit (which is fine as it shows their is a good relationship there) and off he went.

You're supposed to give it back ACG, for the record

ACG

Keekles wrote: »

You're supposed to give it back ACG, for the record

I did dont worry.

Im more annoyed the lender are putting me on someone from the midlands patch! Im a northerner not the midlands! :P