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The major brokerage has hired 148 new client service managers since October, as it works to bring in 250 new members to the network by September.
Loan Market has revealed that it has had a strong uptake to its recruitment drive for broker support staff, inducting a new client service manager (CSM) within the network every day since October.
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The major brokerage and aggregator announced last year that it intends to bring 250 new CSMs to the network by the end of September.
According to the group, it has so far hired 148 CSMs, or 60 per cent of its target, less than halfway before its cut-off date.
The year-long recruitment drive is part of the group’s aim to free up the workload of brokers so they can focus on servicing their clients amid the Best Interests Duty (BID) and manage a surge in borrower inquiry, driven by record low-interest rates.
Loan Market’s executive director of network success, Andrea McNaughton, said the influx of new support staff underscored how the role and importance of CSMs had changed in modern brokerages.
“Brokers understand that they can get so much more done amidst the BID landscape with trained staff behind them,” Ms McNaughton said.
She added that CSMs had become important links in helping brokers achieve a seamless compliance and customer experience under Loan Market’s integrated BID framework, The Loan Market Way.
“Our CSM onboarding ensures the support staff are well-trained in the process of The Loan Market Way so when they enter a business, they hit the ground running.”
According to the executive director of network success, brokers who had brought on new support staff were “immediately enjoying the benefits of productivity”, while CSMs were also benefiting from “the opportunity to specialise in support fields”.
“CSMs do much more than chase information from lenders and clients,” she said.
“Loan Market offers CSMs training and education in the streams of loan packaging, loan processing, marketing, settlements and office management.
“The broader dimensions of support staffing are enticing a new group of CSMs to broking.”
The figures come as Australia experiences record levels of mortgage applications and refinances.
Owner-occupier home loan commitments have also been hitting new highs, as federal and state government measures such as the HomeBuilder grant and First Home Loan Deposit Scheme, are supporting ongoing growth in housing loan commitments.
[Related: Loan Market launches data platform]
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