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BDMs and credit assessors at some smaller lenders achieved perfect scores from brokers in October, outshining their larger counterparts, according to new data.
The latest monthly Broker Pulse survey from Momentum Intelligence revealed that 100 per cent of brokers surveyed gave a positive rating of their experiences with business development managers (BDM) across five less commonly used authorised deposit-taking institutions (ADI) (those used by less than 20 per cent of broker respondents) in October.
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These include Auswide Bank, Great Southern Bank, Newcastle Permanent, P&N Bank, and ubank (formerly 86 400), according to the survey of 234 brokers conducted between 1–15 November.
Five lenders in this segment scored a negative rating in October, compared to seven in September.
While no lender in the most commonly used ADI segment scored a 100 per cent positive rating from brokers, ME Bank BDMs unseated Macquarie Bank to secure the top rank by scoring a 96 per cent positive rating in October, up from 76 per cent and sixth position in September.
Macquarie Bank was ranked second in this segment last month, with a 93 per cent positive rating, up slightly from 92 per cent in September.
Overall, broker satisfaction with BDMs across all lender segments bounced back to record highs after dipping by 8 points in September.
While the BDM score fell to 50 in September, it returned to 58 in October, equalling scores achieved in July and August this year.
Among the most commonly used non-banks, only Firstmac achieved a perfect positive rating of 100 per cent by brokers, while five lenders were given a negative rating.
Broker satisfaction with credit assessors also returned to record highs in October, after posting a seven-point slump in September.
Indeed, brokers assigned credit assessors across all lender segments an overall score of 50, equalling the score in August 2022.
Four lenders in the less commonly used ADI segment achieved perfect positive ratings, including Auswide Bank, Bank Australia, Great Southern Bank, and ubank (formerly 86 400), while six lenders scored a negative rating.
Connective Home Loans was the only most commonly used non-bank that scored a perfect positive rating in October, while six lenders scored a negative rating in this segment.
The October Broker Pulse data also revealed that the overall satisfaction rating with lenders reached a record high, with 77 per cent of broker respondents saying that they were satisfied with their experience, up from 63 per cent in September.
Overall satisfaction with the most commonly used ADIs was at 68 per cent, the second highest on record.
These results are a shift from September’s Broker Pulse results, which had found a drop in broker satisfaction with lenders, their BDMs, and credit assessors and their performance across the application, assessment, and settlement stages of the loan application process.
Commenting on the uplift in performance by the lenders, Momentum Intelligence director, Michael Johnson, said: “Credit assessors have a challenging, and often thankless, job so it is great to see ratings for credit assessment staff improve.
“There are a number of factors playing into this including improved turnaround times and lower volumes, alongside some lenders streamlining the application process and documentation.”
To find out more about the Broker Pulse survey and participate in future surveys, visit the Broker Pulse survey website.
[Related: Broker satisfaction with lenders plummets: Broker Pulse]
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