Login
ISCOVER
Vivienne Kelly
Brokers should carefully monitor the documentation they submit to lenders and their aggregators to ensure there are no delays in commission payments, according to FrontRunner Consulting Group’s director Doug Mathlin.
Speaking to The Adviser, Mr Mathlin said up to 50 per cent of brokers have submitted loans in the past where something has been missing, which delays the deal and slows the commission process.
“Brokers need to make sure that the quality of the deals they submit is perfect,” said Mr Mathlin.
Mr Mathlin said anything from missing payslips to signature errors could delay the process.
“These are all things that even a broker with three months experience has to know. If a deal is submitted with not everything on the checklist completed, that’s a quick way to get a delay,” said Mr Mathlin.
“If you want to get paid quickly and if you want your deals approved quickly – quality is absolutely key. In the banking world 'near enough is good enough' doesn’t work."
JOIN THE DISCUSSION