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Openwork move to cut loan panel

Openwork will slash its mortgage panel in the new year, with lenders retained on the basis of feedback from its advisers.

The network currently uses a panel of 38 and is expected to cut this by more than a quarter but it will still market its mortgage proposition as whole of market, albeit on a product rather than provider basis.

Openwork has set up an internal mortgage advisory panel initially comprising 250 of its advisers who will complete a quarterly questionnaire rating service levels. The panel cuts will be based on the first two quarters’ findings.

The firm recognises that product providers, which have been told the identities of the Map members, may prioritise the servicing of these individuals but are welcoming all other Openwork advisers to join in the feedback programme so benefits are felt across the board.

Mortgage proposition development director Paul Shearman says: “The plan is to build more proactive and productive relationships with a smaller number of key partners, which will mean that at the start of next year we will be dramatically rationalising and restructur- ing our lender panel.”

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