It seeks to ensure fair treatment and proper representation of brokers
The Broker Collective, a new organisation representing mortgage brokers, has been launched to ensure brokers and their clients are fairly treated and properly represented.
Organisers said brokers who wish to be part of The Broker Collective should join the official LinkedIn public group. There is no membership fee, as the collective will be powered by its practising broker members and operate only when it feels it needs to do so.
The Broker Collective considers itself as an ‘untrade body’ because it is decentralised and powered by practising brokers.
The organisation has taken on the 24 Hour Product Withdrawal Pledge campaign, which calls on all lenders, before discontinuing any mortgage product, to pledge to provide a minimum notice of 24 hours to all affiliated brokers.
“We have launched The Broker Collective to ensure our clients and we, as practising mortgage brokers, are fairly treated by lenders and democratically and transparently represented,” stated Riz Malik (pictured), director of R3 Mortgages and a member of The Broker Collective.
“Our initial campaign is to ensure lenders commit to a minimum notice period of 24 hours to all affiliated brokers. This notice will include pertinent details such as the product being withdrawn, the reason for the withdrawal, and the exact time of the withdrawal.”
Malik said they were inviting 12 lenders of different sizes and with different financial models to attend a digital roundtable, to discuss the issue.
“We will be in touch with those lenders in the days ahead, and we will publish the conversation on social media for all brokers to see,” he said.
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