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ISCOVER
Jessica Darnbrough
Just months after NAB Broker abandoned its segmentation strategy, the lender has detailed bold plans to write one in four broker-originated loans.
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Addressing brokers at a round table in Sydney yesterday, NAB Broker's general manager distribution John Flavell said the lender seeks to increase its broker market share from 19 per cent to 25 per cent over the coming months.
"Brokers will continue to grow their share of the mortgage market, which is why we will continue to invest in this area," Mr Flavell said.
"If we continue to listen to our brokers, address their concerns and invest in this space, there is no reason why 25 per cent of all broker loans can't be written on Homeside paper.
According to Mr Flavell, the lender will achieve this through enhancing its broker service offering, having a compelling broker proposition and offering a partnership of value.
Over the last 18 months, NAB Broker has managed to cut its turnaround times down from 20 days to unconditional to five days.
In addition, the lender has abolished its segmentation strategy to provide all of its broker partners with the same service generally previously reserved for its Four Star brokers.
"We have also improved our documentation and have just started rolling out single document packs," Mr Flavell said.
"Previously, NAB Broker has sent out several documentation packs, however, this problem has since been rectified.
According to Mr Flavell there are more changes set to come in this area.
"By May, everyone will receive the single documentation pack. Once this initiative has been bedded down, we will look to redesign all the loan documents so that they are easier to use and understand. We hope to have the redesign process completed by August," Mr Flavell said.
But despite the lender's significant improvements, Mr Flavell said NAB Broker was not prepared to rest on its laurels.
"We will continue to invest and ensure we not only have a compelling service proposition but share margin where we make margin. In addition, we aim to have the sharpest rates and continue to be market leading in this area."
