Which Network, 2018 Recruitment Performance Figures For Mortgage Networksgary
I know it’s now March which is nowhere near the start of the year and I wasn’t actually going to write this article since the network recruitment performance figures for the 4th quarter of 2018 are already out there, however after a couple of requests from networks and several more from clients I have now done a 180 degree about turn that the government would be proud of as the information is obviously useful to some people.
In spite of Brexit and estate agents generally not doing too well with Countrywide experiencing a halving of their profits, the mortgage industry isn’t looking too shabby with LSL obviously appreciating the potential of networks having acquired First Complete, Pink and PTFS, merging First Complete and Pink into the Primis brand with PTFS operating as a standalone brand for this year but likely to be assimilated fully in 2019. Mortgage lending generally rose to £267.5bn with equity release lending hitting a record high of £3.6bn. This is reflected in the figures with an additional 316 firms added to our network recruitment total, compared to only 76 last year, although from the feedback we have received from clients a portion of this is due to DA brokers changing To AR status because of the increasingly complex regulatory framework.
Other high points, or rather low points included the Which Mortgage Adviser Advert implying that “other” brokers pick their clients mortgages on the grounds of which mortgage would make them the most money, obvious rubbish since both mortgage networks and the FCA carry out thousands of file checks every year and would come down like a ton of bricks on any firm who looked as though this was even a tiny bit of their selection criteria, but you know what they say “you can fool all of the people some of the time”?
Looking at the table now, the network with the greatest improvement in AR numbers is The Right Mortgage Network with 47 additional AR’s over the year. This perhaps isn’t so surprising since they are quite new and wouldn’t be expected to have any significant drop off in terms of AR numbers yet, but this shouldn’t detract from a very good recruitment performance. The Which Network figures for the first 3 months of 2019 come out early April and it will be interesting to see which networks can keep up the momentum.
In second place we have Stonebridge with 28 additional AR’s in the network with third place going to Mortgage Advice Bureau who have an increase of 20 in their overall AR numbers.
Looking to the foothills now of the mountain range that is mortgage network recruitment, Bottom of the hill we find Mortgage Support Network with a reduction of 9 in AR numbers. The second last position goes to Mortgage Intelligence and Next who are down 8 AR’s over the year and third bottom place belongs to Sesame who suffered a reduction of 7 AR’s at the end of 2018, however it must be said that with this following on from a loss of 50 AR firms through 2017, Sesame definitely look to be heading in the right direction.