Openwork launches refreshed mortgage panel

Openwork launches refreshed mortgage panel

Distribution business Openwork has refreshed its mortgage panel for 2015 following a “major” re-tendering exercise.

The new panel now includes two lenders that were unrepresented before - the Bank of Ireland and TSB - and is operational from 2 February.

Thirty-five lenders were invited to tender in the last quarter of last year and Openwork selected the 25 it believes represent the best in each of the key customer segments it is seeking to serve.

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Openwork said that all key aspects of lenders’ propositions and strategy, including their product offering, underwriting criteria, historic service performance, technology, field/telephone sales capability, distribution strategies, marketing support, management information and commercials was explored in the tendering process.

Also evaluated were recent and anticipated levels of lending production, which Openwork said ensured lenders with a strong track record of delivering consistent volumes and those with exciting growth plans were chosen.

Paul Shearman, mortgage and protection proposition director for Openwork, said: “The last 12 months have seen major changes in the market including new regulation, increased capacity, new lenders and a significant shift towards intermediaries,” adding that this meant it was the right time to review lender relationships.

“We now have a refreshed panel comprising lenders who recognise the value that Openwork provides and have been willing to commit to supporting us in areas such as exclusives, product design, differentiated service and marketing/sales support.”