The soon-to-be launched service, BDM Clearing, is designed to turn the relationship-building traditions between lenders and brokers ‘on their head’.
BDM Clearing aims to create a network of intermediaries who will request BDM visits themselves based on their needs rather than just ticking an appointment box on a BDM’s weekly calling sheet. Membership of BDM Clearing will be free.
Lenders can be charged a fee for direct access to the broker who requests a visit. The fee will be shared between the intermediary and BDM Clearing – with the broker receiving the greater portion, compensating towards the cost of their time.
The director of BDM Clearing, who wishes to remain anonymous until the service goes live, admitted the proposition will cause some controversy but said this was the right time to launch.
“How many times does an intermediary get a telephoned appointment request by a BDM who just happens to ‘be in their area’ on that day, expecting that broker to fit them into their diary,” he said. “Having compliantly done so, how many times has the BDM left without imparting anything the broker did not already know?”
He added: “Such a system also benefits the lender. Each appointment request will be a qualified business opportunity. The BDM Clearing website can also be used as a portal to request a meeting with a chosen intermediary.”
John Stewart, director of PMI Independent Financial Advisers, said he would sign up to the service tomorrow. “Our time is money and this is a fantastic initiative. But will mainstream lenders entertain the idea?”
Linda Will, managing director of Accord Mortgages, said brokers are not forced to see BDMs. “They’re paid to sort out the intermediary’s problems. If brokers don’t want to see the BDM, they won’t. BDMs don’t go in with battering rams.”
You can contact the pre-launch e-mail address: BDMClearing @aol.com to register your interest in the service.
