The majority of brokers (54%) believe that only smarter lenders will become more creative and develop more bespoke products, criteria and underwriting based on affordability, new research has found.
According to findings published by Mortgage Broker Tools (MBT), this latest figure is up from 30% last year, to suggest that brokers are losing confidence in lenders developing products to target the needs of their clients.
MBT also revealed that 19% of brokers said that “very few” lender proposition updates in the last year have enabled them to help more of their clients.
“Brokers have lost confidence in lenders doing smart things and a lot of product updates in the last year haven’t helped them,” said CEO at Mortgage Broker Tools, Tanya Toumadj.
“However, there is the technology available now that can empower smarter product development. We have recently launched our MBT Sandbox, for example, which provides lenders with a ground-breaking data-driven approach to product development, enabling them to create and refine products with specific customer segments in mind.
“We’re already working with five lenders to help ensure they are taking a smarter, more data-driven approach to product development, and we are confident that more will follow.”
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