Broker Firm Engagement Analysis

The biggest gap isn't conversion — it's activation

21 February 2026 Sample partner analysis 5 firms analysed
1,544
Registered brokers across 5 firms
56–70%
Have never created a single case (non-specialist firms)
£186M
Total loan value in applications since Apr 2024
3
Power users (5+ completions) at Justine, our largest firm by registrations
01 — The Funnel

How deep does engagement go?

Each bar shows what percentage of registered brokers at each firm have reached that stage. Mambo is the benchmark for deep engagement; the other four firms show where the drop-off is steepest.

Justine Mortgages
757 registered
Created case44%
Ran DIP33%
Submitted app21%
Received offer18%
Completed 1+15%
Completed >14%
Babbling Brook FS
405 registered
Created case50%
Ran DIP36%
Submitted app25%
Received offer23%
Completed 1+22%
Completed >19%
John Briquette
194 registered
Created case43%
Ran DIP32%
Submitted app26%
Received offer23%
Completed 1+17%
Completed >14%
Charles Camembert
101 registered
Created case31%
Ran DIP16%
Submitted app13%
Received offer9%
Completed 1+7%
Completed >10%
Mambo
87 registered
Created case93%
Ran DIP78%
Submitted app63%
Received offer61%
Completed 1+54%
Completed >138%
The biggest drop-off is registered → created a case. More than half of registered brokers at Justine, Briquette, and Camembert have never even started. This isn't a conversion problem — it's an activation problem. Mambo shows what's possible when a firm is deeply integrated.
02 — Key Cohorts

Where are the opportunities?

Four distinct groups of brokers that warrant different sales actions — from re-engagement outreach to power-user development.

Warm leads
Created a case but never ran a DIP. They logged in, started, then dropped off. Warmest dormant leads.
Justine Mortgages82 brokers 121 cases
Babbling Brook FS60 brokers
John Briquette20 brokers
Charles Camembert15 brokers
Mambo13 brokers
DIP but no application
Ran a DIP (or several) but never converted to a formal application. Something is blocking them after the credit check.
Justine Mortgages89 brokers 35%
Babbling Brook FS41 brokers 28%
John Briquette12 brokers 19%
Charles Camembert3 brokers 19%
Mambo13 brokers 19%
Power users (5+ completions)
Repeat brokers who drive outsized volume. These are the relationships to nurture and replicate.
Mambo17 brokers 4.1 avg
Babbling Brook FS5 brokers 1.8 avg
Justine Mortgages3 brokers 1.5 avg
John Briquette0 brokers
Charles Camembert0 brokers
Top 5 broker concentration
How much of each firm's total completions are driven by just the top 5 brokers? Higher = more key-person risk, but also more developed relationships.
Mambo59 of 193 31%
John Briquette14 of 45 31%
Babbling Brook FS34 of 166 20%
Justine Mortgages28 of 163 17%
Justine has almost no power users despite being our largest firm. Only 3 brokers have 5+ completions (max 8). Compare to Mambo with 17 (max 16). Building even 5–10 repeat champions at Justine could transform the relationship.
03 — DIP Outcomes

Credit check results since April 2024

Potential pass, fail, and refer rates across firms. Higher pass rates indicate brokers are submitting better-quality cases.

Babbling Brook FS
169 DIPs
Pass
67%
Fail
30%
Refer
3%
Mambo
236 DIPs
Pass
64%
Fail
32%
Refer
4%
Justine Mortgages
373 DIPs
Pass
62%
Fail
31%
Refer
7%
Charles Camembert
10 DIPs
Pass
60%
Fail
40%
Refer
John Briquette
70 DIPs
Pass
53%
Fail
37%
Refer
10%
John Briquette has the poorest DIP outcomes — only 53% potential pass vs 67% at Babbling Brook. The 10% refer rate is also notably high. Their brokers may not be using the criteria checker, or they're testing less suitable cases.
04 — Business Shape

Applications since April 2024

Volume, value, product mix, and attrition across firms.

Firm Apps Avg Loan Purchase Total Value Withdrawn Rejected
Justine Mortgages 262 £261k 85% £74.2M 35 34
Mambo 173 £241k 86% £64.4M 21 13
Babbling Brook FS 125 £191k 83% £30.9M 15 9
John Briquette 52 £239k 87% £13.8M 9 5
Charles Camembert 9 £379k 67% £3.4M 0 0
Justine leads on volume (262 apps, £74M) but 26% of apps are withdrawn or rejected. Charles Camembert has the highest average loan (£379k) but only 9 applications in nearly two years — a dormant relationship.
06 — Key Findings

What stands out?

Seven observations from the data, ordered by potential impact.

1
Justine's Q4 2025 spike
40 completions worth £11.7M — 2.5× any previous quarter. If sustainable, Justine is becoming a much bigger partner. DIP pipeline remains healthy. Worth watching closely through Q1–Q2 2026.
2
Justine has almost no power users
Despite 757 registrations, not a single Justine broker has completed more than 8 cases all-time. Mambo's top broker has done 16. The business is spread very thin across many light users.
3
Mambo's pipeline is thinning
DIP volumes down ~40% from peak. Their product specialism may be maturing as a product. This is a revenue risk to monitor.
4
Charles Camembert is dormant
Over 100 registered brokers but barely any completions, and nothing since Q1 2025. A relationship that needs a decision: reactivate or reallocate.
5
Activation is the universal gap
55–70% of registered brokers at non-specialist firms have never created a single case. This isn't Justine-specific — it's a platform-wide onboarding challenge.
6
Justine's DIP-to-app conversion is worst
35% of Justine brokers who DIPped never submitted an app, vs 19% at Mambo and Briquette. Something specific is blocking Justine brokers after the credit check.
7
Babbling Brook is the quiet grower
Steady trajectory from 6 completions in Q2 2024 to 13–19 per quarter. Lower average loan (£191k) but reliable and growing. No drama.
07 — Implications

So what?

The data points to three clear themes that shape how we think about partner development.

Theme 1
Activation is the biggest unlock
The majority of registered brokers across non-specialist firms have never created a single case. The funnel isn't leaking at conversion — it's stalling at first use. This reframes the growth question from "how do we close more?" to "how do we get them started?"
Theme 2
Volume without depth is fragile
Our largest firm by registrations has almost no power users. Business is spread thinly across many light users rather than anchored by repeat champions. Specialist firms show what depth looks like — and how much more resilient it is.
Theme 3
Each firm needs a different conversation
A one-size-fits-all partner strategy doesn't work. One firm needs activation support, another needs conversion investigation, a third is a pipeline risk, and a fourth may need a frank conversation about whether the relationship is working.