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ISCOVER
The segmentation debate has continued this. This month we ask...
DOES SEGMENTATION BENEFIT BROKERS?
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WARREN DWORCAN
Rate Detective Home Loans
“I’m all for segmentation. It obviously benefits me more than a smaller broker who doesn’t write the volume I write. For someone like myself who’s dealing with far more clients and a larger workload, I can get access to quicker responses from the lenders. This then helps me write more loans. Segmentation gets the client to start using more successful brokers, because they can get better results – with quicker turnaround times and hopefully better service.”
MOSHE MOSES
Niche Professional Services
“The nature of the industry at the moment means banks need segmentation to ensure they keep their costs down and that they have brokers who are converting deals. Segmentation benefits brokers, especially upon delivery of service. For those brokers who are fitting nicely within the respective banks’ requirements, they have a better delivery time for their clients and get quicker responses for their applications. Based on my personal experience, segmentation has helped me.”
PETER WOTHERSPOON
Core Mortgage Brokers
“Segmentation definitely needs to be in our market to reward loyal brokers. It’s a win-win for everybody – the bank, the broker, and also the client (for turnaround times). Having direct contact with people in the banks is also beneficial. With segmentation, experienced and dependable brokers can have that access. It’s a case of making sure that the needs of the client are met first. For most deals, the banks that have you on their program can meet your clients’ needs.”
JAMES GREEN
Oxygen
“Segmentation does benefit brokers. Brokers who are familiar with the intricacies of the lenders’ products and the requirements of credit teams are able to move up the scale. They’re then able to access ridiculously fast turnaround times, such as same day offerings. Delivering that same day offering to the customer gives you an advantage, and a point of difference, over a direct channel with the bank and less experienced brokers. I think segmentation definitely has a place in the market.”
MAXINE FARMER
Maxon Finance
“The bottom line is that segmentation doesn’t affect me at all. It doesn’t mean more money for me and it doesn’t mean you automatically go to one bank. Segmentation doesn’t excite me, but the turnaround times are very efficient. I’m a Diamond Broker with the Commonwealth Bank and I find their turnaround times very quick. Being a Diamond Broker wasn’t something I was aiming for – it just happened. At the end of the day, the client always comes first.”
