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By: Jessica Darnbrough
Lenders that hope to increase their share of third party business should first look at the level of support they provide to brokers, according to a recent industry poll.
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The Adviser’s latest weekly straw poll revealed that over 80 per cent of brokers are influenced by the quality of lender BDM support they receive, when choosing where to place their business.
With 57 per cent of respondents saying the quality of BDM support would have a ‘significant’ influence.
Of the 501 respondents, only 17.4 per cent said their BDMs had a minimal impact on which lender they wrote business for.
Smartline mortgage broker Kevin Lee said good BDM support was vital to his business, and as such, affected which banks he did business with.
“A good BDM is one that can advise you on the progress of a loan, get it through quickly and without a hiccup.
“If I know a particular BDM will help my client get their loan application passed without delay then I will not hesitate to use that bank,” Mr Lee told The Adviser.
Absolute Financial Services principal Garry Coxon is another broker who believes quality BDM support will influence where a broker places their business.
“A good BDM is someone that answers your calls and responds to emails in the same day,” Mr Coxon said.
“As brokers, we need our BDMs to be reliable and trustworthy. If they do the right thing by us, we will reward them by placing our business with that particular bank.”
