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ISCOVER
Staff Reporter
St George’s decision to launch a new online servicing calculator is paying dividends for the lender, with the bank reporting a higher than expected accuracy rate in broker calculations.
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St George’s general manager mortgage broking Clive Kirkpatrick said the lender’s decision to launch the new online tool was initially met with widespread criticism as many brokers preferred the offline spreadsheet method.
However, less than one month on and Mr Kirkpatrick said brokers are starting to change their opinion on the new system as it gradually gets bedded down in the bank’s systems.
“We understood this was a risk when we chose to go down this path. But we felt the gamble was worth it in order to ensure accurate results,” he said.
“It has paid off because most brokers are now connected.”
“One of the many benefits of this system is that if a broker doesn’t have a back-up process in place, all their work is lost if their computer crashes.
“With the ApplyOnline Serviceability Calculator they can log onto any computer and retrieve the information.”
According to NextGen.Net sales director Tony Carn, the online serviceability calculator was designed with the requirements of St George Bank and its broker network in mind.
Mr Carn said St George’s old offline spreadsheet method stopped brokers from seeing the most up-to-date version of a servicing calculator.
“With an online serviceability calculator brokers no longer need to be concerned about version control,” Mr Carn said.
“All the information, specifically servicing rates, remains up-to-the-minute.”
