In episode 13 of the Growth Series podcast, Jeremy Duncombe, Director of Intermediaries at Accord Mortgages, is joined by Robert Sinclair, CEO of The Association of Mortgage Intermediaries, to discuss all things regulatory. Robert explains his organisation’s role in predicting how new government legislation will affect mortgage brokers and then protect the commercial interests of the sector.
In terms of regulation and advice, Robert sees the Mortgage Market Study as highlighting key challenges that brokers might face in the near future. The study came up with four key areas to address: so-called ‘mortgage prisoners’, what brokers can do to accelerate the spread of technology into the industry, questions around the proper definition of advice, and how consumers can find the broker most appropriate for them. On the whole, trade bodies see the current regulatory state of the market as strong and fear that significant changes could actually worsen the deal for consumers.
The mortgage broking industry is embracing technology rapidly. Robert describes how software is coming into the marketplace to allow brokers to make better judgments about people’s credit worthiness and can also give brokers a more accurate idea of how to help their customers. Getting to a point where technology completely revolutionises the sector, however, could be a slow process and take up to five years.
Robert outlines how being fast to implement new technologies effectively is easier for larger firms with large amounts of human and financial capital than for smaller firms. For smaller firms, being attentive to the range of technologies available is the best way to get the right one first time.
Robert believes that over the next six months, brokers who are able to advise their customers on the impact of the current political and financial climate and listen to their concerns, will set themselves apart from the rest.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
0.00 - 1.10 Welcome and introduction
1.10 - 24.55 In conversation with Jeremy Duncombe, Director of Intermediaries at Accord Mortgages, is Robert Sinclair, CEO of The Association of Mortgage Intermediaries, discussing the regulatory side of the mortgage broking sector, specifically detailing:
How trade bodies like The Association of Mortgage Intermediaries can help mortgage brokers
The impact of technology on mortgage brokers
How mortgage brokers can continue to offer a supportive service in a time of political turmoil
24.55 - 26.06 Outro
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