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The aggregator has launched a program to assist brokers in managing COVID-19-induced changes to lender products and policies.
Mortgage aggregator Connective has launched Digital Lender Splendour, an information-sharing program aimed at helping brokers stay up to date with changes to lender products and policies implemented in response to the COVID-19 crisis.
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According to the aggregator, the program, which seeks to facilitate direct interaction between brokers and lenders, has been redeveloped to a format that reflects the current working environment, providing virtual face time communication.
Connective director Mark Haron claimed the program would ensure that brokers can continue to help borrowers navigate the complexities of the lending process.
“Transparent and trusted relationships between lenders and brokers are essential to helping brokers understand exactly what products are best suited to their clients, but with so much rapid change, it’s becoming nearly impossible to be across what all the lenders are doing,” he said.
“This is exactly why we’ve invested heavily in the recent Digital Lender Splendour program and all our lender-focused events.”
The program consisted of 10 live, interactive webinars and 10 pre-recorded webinars that can be viewed on-demand.
Mr Haron added that the program demonstrated the need for greater cross-industry collaboration.
“Digital Lender Splendour gave us an opportunity to bring brokers and lenders together to provide a full and comprehensive learning program driven alongside some of Australia’s most significant lenders,” he said.
“In the space of four days, we were able to provide product updates from 44 of them.”
Over the past month, a number of lenders have tightened their serviceability standards for new lending amid forecasts of a spike in defaults from the COVID-19 crisis.
Other stakeholders in the lending industry have also adjusted their risk appetites, with mortgage insurer QBE Australia imposing an “embargo” on the provision of lender’s mortgage insurance to borrowers employed in industries hardest hit by the outbreak.
Deposit bond provider Deposit Power has also revised its underwriting policy for short-term deposit guarantees, doubling the equity requirement for home equity products from one to two times the deposit amount.
[Related: Aggregator launches broker connect tool]
