Nine of 10 intermediaries would like to improve their understanding of secured loans, a Promise Solutions survey has revealed.
When asked whether training sessions would be welcomed in the lead up to April, participants responded overwhelmingly in favour.
Steve Walker, managing director of Promise Solutions, said they were already planning events for 2014 with lender partners.
He added: “The size of the secured loan market in 2014 is forecast to perhaps double in volume as products and criteria from lenders evolve together with increasing demand for more imaginative solutions to even more complex customer circumstances. Training will be key to keeping brokers up to speed.
“Secured loan master brokers will also need to look at ever increasing ways to improve efficiencies and make dealing with them easy for intermediaries.
Technology will play an increasing part in this so that intermediaries can do as much or as little as they require in the sales process to get the best result for their clients”.
81% of brokers think the launch of well-known first mortgage brands into the secured loan market is good for the industry, while
62% think those lenders who entering the market will encourage brokers to follow suit.
Norman Dugmore of Mortgage & Finance in Telford, said: “I have been involved in secured loans for many years and I am welcoming the changes and improvements that should come along with a bigger and more prominent market.
“For too long secured loans have been an after-thought when all other avenues of financing have been exhausted. From April 2014 intermediaries should consider secured loans alongside other products and this inevitably will mean the customer will get a better deal overall.
“Training and development will be an integral part of the improvements in the secured loan industry and I think the events that Promise are thinking about should be a must for intermediaries.”