NatWest’s latest enhancement to its mortgage tracking process represents “brand-building at brokers’ expense”, according to one broker.
NatWest has changed its tracking process to inform borrowers about the key stages of their application journey, including case updates, without requiring them to contact mortgage brokers.
This includes communicating to applicants that the mortgage has been offered.
However, this enhancement was greeted negatively by brokers who suggested that it takes away the positives of their job.
“The broker absorbs every difficult conversation, every anxious client call, every piece of bad news. Then the good news arrives, the one positive moment in weeks of hard work, the lender swoops in to deliver it directly,” Lodestone Mortgages director, Craig Fish stated.
The broker absorbs every difficult conversation, every anxious client call, every piece of bad news
He also suggested this positions NatWest as “the hero” while the broker’s effort, expertise, and client management become “invisible”.
“This isn’t an enhancement. It’s brand-building at brokers’ expense. If lenders want direct client relationships at offer, they can have them throughout, including the delays, the declines, and the down-valuations,” Fish stated.
“You don’t get to cherry-pick the good news.”
A similar sentiment was shared by EHF Mortgages managing director, Justin Moy, who said: “The one magic moment for our clients on their journey is ruined by the lender.”
Moy also suggested the enhancement may be ineffective as “for most cases, there is little tracking required; it is only where a complication exists”.
“I don’t really see any of this adding value to our clients,” he explained.
“What may be a convenience for the lender can turn into a communications dogfight with borrowers, especially when they want to tell us an update they have received not always clear what it is or what it means, so it generates more work for us brokers to actually find the reason.”
Will they equally be so keen to deliver the bad news? — I sincerely doubt that
Additionally, Lawson Financial director, Michelle Lawson, said: “It’s always interesting when lenders want to be the glory-takers but will they also use this technology to be the dream-breakers?
“Will they equally be so keen to deliver the bad news? — I sincerely doubt that and the broker channel will be left clearing up their mess, delays, and excuses.”
Finally, Sturgess Mortgage Solutions director, Shaun Sturgess, stated that, while he welcomes anything that improves the mortgage process, it feels like lenders are trying to “grab the client relationship” rather than fix their own house first.
“Lenders are always quick to communicate the good news, but who fields the calls when turnaround time stretches to weeks, underwrites raise queries that make little sense? That falls on us, the broker. Every time,” he explained.
“The ‘golden moment’ of delivering a mortgage offer to a client is one of the most valuable touch points we have. Handing that to a push notification strips brokers of something we’ve earned.”
In response, a NatWest spokesperson said: “We regularly make updates to our broker servicing designed to help make it easier for brokers to serve their customers and make the mortgage process easier.
“We are constantly listening to their feedback in order to make sure we are doing all we can to support our broker network.”
Thanks to the Newspage community for sharing their thoughts with FT Adviser
tom.dunstan@ft.com
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