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An online platform that links consumers to brokers is gaining traction in the industry, with high take-up from ‘traditional’ mortgage brokers, according to the platform’s founder.
FindBroker, which was soft launched by former Vow Financial broker Peter Liu in May, has more than 2,300 brokers using the service and reportedly receives 500 consumer queries a day.
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The platform was presented last week at The Adviser's Boot Camp New Revenue Streams. Brokers were shown how the platform enables consumers to search for a broker based on their individual needs – loan types, language spoken, location, interest rates and broker speciality (for example, bad credit, self-employed, single parent etc).
Mr Liu said FindBroker facilitates connections between brokers and consumers, and helps brokers manage their businesses more effectively.
“FindBroker is a getting strong take-up from traditional mortgage brokers who are unlikely to have the technical expertise to make the investment required to build their own systems,” he said.
Mr Liu added that while many fintech platform aim to automate the mortgage process and cut out brokers altogether, his platform “considers the human touch [which is] essential when it comes to a decision as big as getting a mortgage”.
“Mortgage brokers provide an essential service in that they can advocate on behalf of their clients to ensure they get the deal possible while also taking into consideration the specifics of each customer’s situation,” he said.
“We can help connect consumers with brokers who speak their first language so migrants aren’t locked out of the property market simply due to a language barrier. There are many other types of customers with unique needs who struggling to find the right lenders for them, such as self-employed people.”
[Related: Fintech start-up enters third-party channel]
