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Moving to a higher rate climate has come with its fair share of stress and frustrations for both brokers and lenders across our industry.
Workloads are stretched on each side of the coin right now and with all of us feeling the strain, it is critical that we don’t let the pressure get the best of us.
We are all part of a collaborative ecosystem in which lenders know the value of good advice and how important their adviser partners are. In a recent report from the Intermediary Mortgage Lenders Association, 92% of lenders agreed that using an independent mortgage adviser allows borrowers to access more product choice, while 67% agreed that this could help borrowers find a more suitable mortgage.
As we saw so clearly during the pandemic, we can make an incredible difference when we work together as an industry, even in tough times.
Coping with stress as an adviser
While brokers are largely reporting strong business levels, many are currently frustrated by eleventh-hour product withdrawals, which are naturally hindering their ability to drive positive outcomes for their customers. In some cases, notice ahead of product withdrawals has gone from days to hours, and in extreme scenarios, brokers aren’t warned at all.
It feels as though the market is experiencing another change for advisers to deal with and we’re all up against the wall. Advisers are having to work fast and hard to lock in the right deals for their customers, never knowing how long the rate and product they are recommending will be around for.
It can be all too easy to point fingers, but it is important to remember that lenders are only reacting to issues they are facing. Base rates are moving but remain far less volatile than swap rates which drive lenders’ funding and product profitability. They are being forced to make changes to ensure they keep their own heads above water, even though changes (especially with their systems) result in cost, pressure, and stress for them too.
If they do not change, not only could they be left selling an unprofitable product, but they are also likely to be selling vast amounts as they suddenly find themselves top of sourcing tables. This also drives a significant operational impact.
Every adviser wants to do their best for their clients which often means working late to key up applications. We must remember the impact that this can have. Cancelling private plans or missing family engagements can take a toll on your wellbeing, and that’s why we must take a break every now and then, however hard that currently feels.
Taking a long weekend off or going on holiday is key to sustaining productivity, so advisers can truly recharge and focus on delivering the best outcomes for their customers when they’re back to work.
This is really important. Unfortunately, there are few signs that things will change any time soon.
Coping mechanisms
Knowing that it is not just you feeling the pressure can sometimes help. Let’s ensure we reach out to each other, whether that be across other firms, lenders, networks, or clubs. And if you are a leader, do stay close to your people and take steps to support health and wellbeing.
Ultimately, if we don’t look after ourselves, we won’t be there for customers in the future, and I would encourage everyone to take stock of the bigger picture at play.
On top of that, the efficiency gains and timesaving benefits offered by technology can go a long way in trimming down workloads. Our own research recently found that advisers could save a working month in time each year by using our technology. Selecting the right tools can allow advisers to work more efficiently, particularly when their time might be stretched. Instead of being bogged down with admin, these operational efficiencies can help them do what they do best – providing advice.
Pulling together
The success of the mortgage market very much rests on the trust between lenders and advisers, so it’s important that we continue to be mindful of the stress we are all facing. Lenders need to ensure their staff have all the support they need. Advisers need to remember that underwriters, BDMs, and other staff are also dealing with an immense amount of stress and pressure.
Ultimately, everyone in the industry benefits when we can find a way to work together. More cooperation and understanding can help to prevent burnout and keep the industry moving forwards.
When we come together, we can do more and deliver the best service possible for borrowers. Let’s remember that being busy is far better than the alternative, whilst remembering to look after ourselves and hopefully enjoy a good summer break.
Kevin Roberts is director at Legal & General Mortgage Club
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