Broker Firm Engagement Analysis

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

21 February 2026 Prepared for Sara 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 Just, 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. Tembo is the benchmark for deep engagement; the other four firms show where the drop-off is steepest.

Just Mortgages
757 registered
Created case44%
Ran DIP33%
Submitted app21%
Received offer18%
Completed 1+15%
Completed >14%
Brook FS
405 registered
Created case50%
Ran DIP36%
Submitted app25%
Received offer23%
Completed 1+22%
Completed >19%
John Charcol
194 registered
Created case43%
Ran DIP32%
Submitted app26%
Received offer23%
Completed 1+17%
Completed >14%
Charles Cameron
101 registered
Created case31%
Ran DIP16%
Submitted app13%
Received offer9%
Completed 1+7%
Completed >10%
Tembo
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 Just, Charcol, and Cameron have never even started. This isn't a conversion problem — it's an activation problem. Tembo 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.
Just Mortgages82 brokers 121 cases
Brook FS60 brokers
John Charcol20 brokers
Charles Cameron15 brokers
Tembo13 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.
Just Mortgages89 brokers 35%
Brook FS41 brokers 28%
John Charcol12 brokers 19%
Charles Cameron3 brokers 19%
Tembo13 brokers 19%
Power users (5+ completions)
Repeat brokers who drive outsized volume. These are the relationships to nurture and replicate.
Tembo17 brokers 4.1 avg
Brook FS5 brokers 1.8 avg
Just Mortgages3 brokers 1.5 avg
John Charcol0 brokers
Charles Cameron0 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.
Tembo59 of 193 31%
John Charcol14 of 45 31%
Brook FS34 of 166 20%
Just Mortgages28 of 163 17%
Just has almost no power users despite being our largest firm. Only 3 brokers have 5+ completions (max 8). Compare to Tembo with 17 (max 16). Building even 5–10 repeat champions at Just 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.

Brook FS
169 DIPs
Pass
67%
Fail
30%
Refer
3%
Tembo
236 DIPs
Pass
64%
Fail
32%
Refer
4%
Just Mortgages
373 DIPs
Pass
62%
Fail
31%
Refer
7%
Charles Cameron
10 DIPs
Pass
60%
Fail
40%
Refer
John Charcol
70 DIPs
Pass
53%
Fail
37%
Refer
10%
John Charcol has the poorest DIP outcomes — only 53% potential pass vs 67% at 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
Just Mortgages 262 £261k 85% £74.2M 35 34
Tembo 173 £241k 86% £64.4M 21 13
Brook FS 125 £191k 83% £30.9M 15 9
John Charcol 52 £239k 87% £13.8M 9 5
Charles Cameron 9 £379k 67% £3.4M 0 0
Just leads on volume (262 apps, £74M) but 26% of apps are withdrawn or rejected. Charles Cameron 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
Just's Q4 2025 spike
40 completions worth £11.7M — 2.5× any previous quarter. If sustainable, Just is becoming a much bigger partner. DIP pipeline is healthy (38 in Jan, 33 in Feb). Worth watching closely through Q1–Q2 2026.
2
Just has almost no power users
Despite 757 registrations, not a single Just broker has completed more than 8 cases all-time. Tembo's top broker has done 16. The business is spread very thin across many light users.
3
Tembo's pipeline is thinning
DIP volumes down ~40% from peak. Their Income Booster specialism may be maturing as a product. This is a revenue risk to monitor.
4
Charles Cameron is dead
101 registered brokers, 7 completions ever, nothing since Q1 2025. Either reactivate or reallocate the account management time.
5
Activation is the universal gap
55–70% of registered brokers at non-specialist firms have never created a single case. This isn't Just-specific — it's a platform-wide onboarding challenge.
6
Just's DIP-to-app conversion is worst
35% of Just brokers who DIPped never submitted an app, vs 19% at Tembo and Charcol. Something specific is blocking Just brokers after the credit check.
7
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 — Recommended Actions

What should we do?

Five concrete actions for discussion, prioritised by potential impact.

High Priority
Just Mortgages: activation campaign
424 brokers have never created a case. 82 more started but dropped off before running a DIP. A targeted re-engagement programme (webinar, 1-to-1 onboarding, in-branch demos) could unlock significant volume from this pool.
High Priority
Just: investigate DIP-to-app drop-off
89 Just brokers ran DIPs but never submitted an app — the worst conversion rate of any firm at 35%. Is it DIP outcomes? Process complexity? Lack of follow-up? This is the highest-leverage conversion gap to understand.
High Priority
Just: build power users
Identify the 12 brokers with 3+ completions and invest in deepening those relationships. Can they become internal advocates? Even 5–10 repeat brokers doing 10+ cases each could double Just's output.
Decision Required
Charles Cameron: reactivate or reallocate
Only 7 completions ever and nothing since Q1 2025. The account management time spent here could be redirected to higher-potential relationships.
Monitor
Tembo: pipeline health check
DIP volumes have declined ~40% from peak. Is this Income Booster demand softening, or are they diversifying away from Gen H? Needs proactive conversation.