What do advisors need from a BDM in 2024?

January 12, 2024 by Alan

Mortgage Advisors

There is little question that business development managers (BDMs) are important to mortgage advisors just now. A recent poll found that close to 84% of advisors feel that way, but they are also sometimes frustrated by the support provided. So, what is it that advisors will need from a BDM in the coming year?

One obvious thing is the option of talking to a BDM without delay when an issue arises, such as when there is an unusual matter relating to criteria that isn’t covered on the lender website. A persistent source of annoyance for advisors is the failure of mortgage lenders to provide BDMs, but even when they do, these individuals sometimes fail to respond to queries. Even advisors with the full CeMAP qualification need support with applications at times.

Therefore, responsiveness is clearly one of the top requirements that advisors have of BDMs, especially when the completion of an application is urgent. At a time when rates are being changed frequently by lenders, applications for mortgages are trickier, so this need is even more pressing.

A second quality that BDMs should offer this year is dependability. This means making sure that they reply quickly when contacted, but also that all of the information they provide advisors with is accurate and up to date. This is a period of real turbulence and instability in the mortgage market, so advisors need to know that what they are told about rates and criteria is reliable.

These are the qualities that will enable BDMs and advisors to build better relationships in the ever-changing housing market.