SMP reveals ‘brave new world’ for mortgage professionals

The membership body has identified the accelerated use of technology, volume of fixed rate deals maturing and changing expectations of clients as key drivers of mortgage broking activity in 2022.

Carlos Thibaut, Chair of the Society of Mortgage Professionals, said: “Technology played a crucial role in keeping the housing market open in the midst of the pandemic. The adoption of technology has undoubtedly been accelerated, and many initiatives are now underway to deliver a better more efficient house buying sector.

“A brave new world of an interconnected ecosystem, with application programming interfaces (APIs) driving data collection from customers to intermediaries and manufacturers is within reach.

“There are many hurdles to overcome, but with all stakeholders engaged we can envisage a world where all the major moving parts of the housing transaction are digitized allowing advisers to spend more time with customers advising, and manufacturers delivering, new and more customised products to market faster than ever before.”

The Society of Mortgage Professionals has identified the huge volume of fixed rate deals maturing as a significant opportunity for mortgage broking businesses - but only if they have an integrated tech solution to identify data and communicate with clients.

Mr Thibaut said: “This seems like an ideal opportunity to drive great business volumes, retain clients and use the opportunity to review your clients’ protection needs (and investments if you have that in your armoury).

“Review your business model, if you couldn’t cope with the volumes in the last year, have you made best use of technology to manage processes and engage with clients? Does your technology do the heavy lifting and through a portal allow your clients to engage with you every day, not just an annual email? If not maybe now is the time to re-evaluate whether your current system support your business ambitions.”

Another key consideration for mortgage advisers in the year ahead, according to Mr Thibaut, is whether clients have changed their behaviour due to recent events.

He said: “Consumers are behaving differently, tech adoption has probably been accelerated by five years and an Environmental, Social and Corporate Governance strategy is the response of many businesses.

“Now, more than ever before, consumers take interest in how a company serves the local community: do they take social responsibility seriously? Are they doing their bit in addressing environmental concerns?

“As consumers increasingly embrace social causes, they seek to do business with products and brands that align with their values.”

To help mortgage professionals make the most of these opportunities, in the next 12 months the membership body will produce webinars, articles and good practice guidance on these topics.