Only 20 per cent admitted going direct to lender with 4 per cent choosing another route.
A mere 6 per cent of brokers saw pure packagers being unregulated as a major concern.
The survey also found that when dealing with packagers or branded lenders, 79 per cent of respondents said the time taken to process applications was the main concern. Only 15 per cent claimed accuracy was their main concern.
Just under half (49 per cent) said they had experienced some problems with their sourcing software when placing non-conforming business since regulation.
Keith Dearling, director of Advantage, said: “The survey shows that there is clearly a place for branded mortgage arranging. Being able to place complex non-conforming cases that don’t always fit sourcing system criteria means that packagers can play a vital role in making brokers money and saving them time.”
However Alan Clearly, head of sales at BM Solutions, said: “The results are quite surprising. Why would anyone want to use a packager when they can come direct to our website, obtain a ‘one minute mortgage’ and compliant KFI in no time?”
He continued: “Brokers should be concerned about using non-regulated packagers. Who is going to carry the can if anything goes wrong? Brokers could find themselves exposed.”
Mike Cook, head of product management and development at Kensington Mortgages, said: “76 per cent of brokers preferring to place non-conforming business through a packager proves the continuing good levels of support and service to the broker community.
“We aren’t surprised that only 6 per cent of brokers are overly concerned about pure packagers not being regulated as they have embraced many of the changes that regulation has placed upon them. Lenders who continue to support these companies have developed guidelines and will closely monitor these going forward.”
