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By: Jessica Darnbrough
Australian Loan Company is gearing up for the introduction of regulation, with the aggregator rolling out a series of compliance training videos.
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The information videos, which will soon be available on the company’s website, were designed to help brokers make an easy transition into legislation.
ALCo’s general manager Lesley Wood said the company was also in the midst of creating an end to end software solution that would help brokers remain compliant under the new regulation.
“ALCo is in the final stages of integrating the compliance documents into the new software solution, COMPASS, with the ability to print all client file documentation for internal auditing procedures with the flick of a switch. Therefore, our members will not only have an end to end software solution, but will remain compliant under the new legislation,” Mrs Wood said.
Members will not only have the ability to manage their client relations through the built-in CRM, but will be able to activate workflows which cover all stages of the loan from receiving the lead, researching products on the online debt qualifier, creating all ASIC-related compliance documents such as the ‘credit proposal disclosure’ document, submitting loans electronically to various lenders, and autogenerating emails and letters to both clients and referral sources.
According to Mrs Wood, an additional advantage of the software system is the streamlining effect it has in client servicing.
“If a mortgage broker and adviser work together on the same system, they will have the ability to share and communicate key client information. This will save double-handling on data entry and ensure the client receives the most comprehensive and professional service possible.”
