Nationwide wants to continue developing products and a service that support its intermediary partners and borrowers, its newly appointed head of intermediary sales and new build said.
Speaking to Mortgage Solutions fewer than two months into the role, James Briffitt (pictured) said: “We’d like to be on the broker’s side and on the customer’s side and provide a range of products that suit the market.”
Briffitt has worked for Nationwide for 12 years, most recently as regional manager, overseeing its business development managers (BDMs) in London and the South East. He has been in financial services for around two decades.
His current role was newly created and gives him the responsibility of leading Nationwide’s sales team, BDMs, telephone BDMs and its new-build proposition for both Nationwide and its buy-to-let (BTL) brand The Mortgage Works (TMW).
He said this was an “exciting opportunity” and, being fewer than two months in the role, wanted to strengthen the mutual’s already “fantastic” relationship with intermediaries.
Briffitt said: “Over 85% of our business already comes from intermediaries for Nationwide and well over 90% comes in from intermediaries from The Mortgage Works. So, we’re already hugely intermediary-focused.
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
“In this market, it’s crucial that we provide great systems, great support, whether that’s face-to-face via phone, online or broker chat service. We really believe that our relationships are key, and it keeps our brokers informed. And equally important is keeping in tune [with] and understanding the challenges that brokers are facing.
“It’s a two-way relationship.”
An enhanced service
While Briffitt said the new-build aspect of his role was still “reasonably new” to him, offering support through this channel would be “vital” in shaping the mutual’s proposition.
“One of the key things for me is utilising data as best we can to try and help brokers with packaging cases, improve their conversion rates and improve their app-to-offer turnaround times as well.
“We’re always looking at developments, technology and automation to streamline our processes and enhance efficiency, make faster decisions and improve the overall application journey,” he said.
Briffitt predicted that development in APIs would be the main focus and bring in positive changes to efficiencies.
Nationwide has also started using a new system called Work Report, which enables the mutual to automatically verify incomes. Additionally, Briffitt said the mutual was using automated valuation models (AVMs) more frequently too, resulting in “an increase in instant offers”.
He added: “All of that automation is actually helping the broker and us produce offers a lot faster. We’re also watching some exciting developments and investment – along with other lenders – in improvements to the conveyancing service, which I think is well-needed.”
Briffitt said technology needed to be embraced by brokers but added that most lenders had issues with how to prioritise the “system development” required to improve the use of technology.
“Like I said before, we’re already adopting new systems that are really speeding up and automating the process much, much faster than they have been. We all know we need that,” he added.
Supporting the housing market with new build
Briffitt said Nationwide was committed to a “vibrant and growing housing market”, to which the new-build market would be “absolutely crucial”.
He said the value of new-build homes had remained “robust” and averages just under £300,000. However, Briffitt noted that affordability pressures remained and said lenders were “forced to assess” how to support this part of the market while lending responsibly.
He said there were positive developments in this area, with lenders collaborating with builders. This gives the sector “reassurance”, he added.
With the government aiming to remove some of the blockers when it comes to planning development, Briffitt said this was where lenders would play a “really important role”.
He said: “We’ve got to support people into these homes, and that’s why we’ve made some of these changes recently. We’ve also reviewed our first-time buyer offering and our new-build loan-to-value limits.
“In short, lenders, developers and the government really need to work together to get the balance right, particularly over the longer term.”
Nationwide recently increased the maximum loan to value (LTV) on new-build houses from around 85% to 95% and raised the maximum loan to income (LTI) available to first-time buyers to six times income with its Helping Hand proposition.
Briffitt said the mutual wanted to support first-time buyers and was involved in conversations around shared ownership and shared equity.
Nationwide already lends to people using the shared ownership scheme, but Briffitt said “serious development” was needed in the sector as it required a “balancing act” to support this.
He said clarity was needed around the parameters of the shared ownership scheme to boost consumer confidence.
Otherwise, he welcomed the government’s plans regarding revisions to the National Planning Policy Framework, saying “changes to that must focus on good-quality homes supported by things like infrastructure, which take into account future challenges, flood risk and climate change”.
