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Jessica Darnbrough
A new lender accreditation form will making switching aggregators less of an ordeal for brokers.
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Speaking to The Adviser, Australian Mortgage Brokers’ Jason Bridgett said he had invented a form when he was the chair of the Queensland state Brokers Committee that made switching lender accreditation easier for brokers when they change aggregators.
“Several years ago, I developed one form that brokers could fill out to switch their lender accreditations,” he said.
“Up until that time, all of the lenders had a different form for brokers to fill out if they wanted to switch their accreditation from one aggregator to another,” he said.
“Instead of filling out 25 almost identical lender accreditation forms, I thought brokers should be just able to fill out one.”
Of course, creating the form and getting the seal of approval from all of Australia’s lenders was easier said than done.
Getting approval from the National Lender’s Committee took more than five years.
However, the form has since been approved and is now available on the MFAA website.
Speaking about the new form, Mr Bridgett said while the process was “time consuming” it was all “worthwhile” in the end.
“This is a great example of our peak Industry body effectively using the Committees to improve process efficiency to the advantage of the broker. We applaud any change that simplifies the process of switching to a more suitable business partner,” he said.
MFAA chief executive Phil Naylor told The Adviser that the form would hopefully make the process of switching aggregators a little easier for brokers.
"Australia's aggregators and brokerage groups understand that form time to time brokers will want to change aggregators, hence the reason they developed the lender accreditation form. We are supportive of anything that makes this industry better."
