Mortgage Network Recruitment For The 2nd Qtr of 2018gary
So we.re into the second quarter of 2018 now with the country in deep trouble from Brexit if you listen to some commentators or just on the verge of a glorious breakthrough if you listen to others.
Two things that are for sure, we do live in interesting times and the mortgage market is up and down with the turbulence in the housing market.
Checking out independent mortgage brokers forums in terms of business done the year started off OK, stalled on the terrible weather in the UK early spring, as I guess did businesses in most other sectors that are public facing, picked up a little and then almost stopped for the world cup “we are such a patriotic bunch when it comes to football”. Things seem to have settled down again now, however although property sales still haven’t really picked up so I would guess, possibly a lot of the business is remortgages and capital raising.
The great news however is that overall network total of appointed representatives for the basket of networks we use in our research for these figures has once again passed the 5,000 mark for the first time since 2015.
More remarkable perhaps considering the lacklustre housing market and at least partially due to the mix of ever increasing regulatory demands from the FCA, a growing number of lenders restricting who can actually access their products as the first step in their compliance systems, a trend which looks as though it is only likely to increase and a mini surge of new advisers coming into the industry as they realise that with a bit of effort in marketing mortgage broking can provide a good flexible income.
On to the table now which comes with the constant caveat that it does not include all networks, but in the quest for consistency, a basketful which for the last 10 years we have considered to be the best indicator of the general state of the industry. The data which the table is based on was 100% accurate on July 6th which was when the information was read from the FCA register but could be subject to retrospective changes from the regulator. The information contained in the table alone should not be used for network choice, since although it’s fair to say a network that exhibits a tendency to steadily lose AR’s over a prolonged period of time must raise questions. Where a network shows a sudden large increase in AR numbers, equally this can be due to an acquisition or a vigorous marketing campaign. Illustrating recruitment trends over a longer period of time is where these tables strengths lie and are generally are designed to provide their most useful information.
Looking at the successful networks in this quarter it can be seen that numerically Tenet have the biggest increase in AR numbers or in percentage terms that honour goes to The Right Mortgage, who are also second in numerical terms. Following on from these two numerically we have Stonebridge closely followed by MAB.
At the other end of the table, in both numerical and percentile terms unfortunately Mortgage Support Network exhibited the biggest losses with Online Partnership being the only other network in the table to show an overall reduction in AR numbers making this quarters table unique since they were first drawn up by Which Network in 2008. At last maybe something that can only be seen as a positive omen for the sector?