Bob Sturges, director of communications at Money Partners, said he had spoken to a number of brokers who had felt aggrieved that the lender they had placed a client with had subsequently cut them out.
Mortgage brokers have expressed similar grievances over the last few months, with lenders bypassing them when it comes to remortgages or further advances, and for Sturges, the fact it was now happening in the secured loans arena displayed the symmetry that exists between the two sectors.
He said: “Some brokers have taken issue with lenders bypassing them to go direct to the client or referring leads onto other brokerages when it comes to repeat business. The originating broker should be the first port of call, but it is fair to say that these secured loan brokers are expressing the same types of concerns as their mortgage counterparts.”
Alex Hammond, PR manager at Kensington Mortgages, said: “The secured loans market has a number of very stark similarities with the non-conforming sector a few years ago. This is a great opportunity as the sector has the chance to learn from the mistakes made in the mortgage market, such as greater clarity on who owns the client.”
Angelo Trapasso, director of Magic Loans, commented: “Usually, the lender is in bed with another broker or a sister company who they pass business on to. It would be nice if they gave some business back, especially for the smaller broker.”
catch up on the industry buzz
find the latest industry jobs
